Filinvest Land to roll out 29 new projects

MANILA, Philippines - Filinvest Land Inc., one of the leading residential property developers owned by the Gotianun family, is ready to roll out 29 new projects and phases this year with an estimated sales value of P7.4 billion.

In a filing with securities regulators, FLI said it has a sizeable landbank of 2,511 hectares which will be enough to ensure its continued expansion and meet demand across all market segments.

In the pipeline is The Linear, FLI’s first high-rise residential building which is targeted to open before the end of the year. Situated in Makati City, the project will have two 23-story L-shaped buildings and a commercial component.

Last year, FLI launched 25 new projects with an estimated sales value of P6.6 billion. This brought to 71 the number of ongoing projects FLI had as of the end of 2008. 

Among these projects include FLI’s first project in Butuan City, Agusan del Norte, called Filinvest Homes Butuan, as well as a new MRB (medium-rise building)project called Bali Oasis Marcos Highway. 

Over the past two years, the company has expanded into other high-growth regional centers to provide an alternative to buyers who do not want the daily commute to and from Laguna or Cavite but cannot afford the high prices of high-rise condominium projects within Metro Manila.

Aside from expanding geographically, FLI has also ventured into new segments of the market which include beach resort develoment via Kembali Coast on Samal Island, Davao.

Kembali Coast is a 50-hectare Asian-Balinese inspired island resort residential development with a 1.8-kilometer beachfront as one of its main attractions and amenity.

FLI likewise branched out into the development of condotel units through Grand Cenia Condotel in Cebu.

The company posted a net profit of P1.87 billion last year, 28 percent higher than the previous year. Total revenues rose nine percent to P4.77 billion, 67 percent of which accounted for real estate sales.

Rental income likewise grew 11 percent to P1.135 billion.

Despite the difficult business climate, FLI’s core business of residential housing for the socialized, affordable and middle-income markets, continue to remain robust.

Total residential sales reservations reached a record P6.6 billion in 2008, up 32 percent from the year earlier level.