Filinvest Land allots P32 B for 2019 capex

MANILA, Philippines — Gotianun-led Filinvest Land Inc. plans to spend approximately P32 billion in capital expenditure (capex) this year to expand its logistics and industrial parks portfolio to boost recurring income.

This year’s capex is higher than 2018’s P22 billion.

Of the P32 billion, the company intends to use P13 billion for investment properties, P7 billion for land acquisition, and the balance for residential and township development.

At its annual stockholders meeting Monday, FLI presented its expansion plans to shareholders.

For one, FLI intends to expand its service offerings by allocating a portion of its commercial land bank to the development of industrial parks, such as the technology park in Ciudad de Calamba.

The company will also commence construction of phase 1 of New Clark City, a logistics and industrial park and mixed-use development, with groundbreaking targeted in May this year.

Phase 1 comprises 64 hectares of the 120-hectare industrial park development in New Clark City (NCC).

Phase 1 of the industrial park itself is targeted for completion by 2020.

The company said the 120-hectare industrial park would become a major strategic operations hub in Southeast Asia given its close proximity to the Clark International Airport.

The property will soon be accessible via the NCC-SCTEX Access Road which is under construction by the government.

Construction of a second access road, NCC-Airport Access Road, has also commenced and is targeted for completion in early 2021.

FLI has been increasing its investments outside of Metro Manila, most notably in Cebu, Davao, Dumaguete and North Luzon primarily through Clark Mimosa and New Clark City.

The company is the developer of large scale townships across the Philippines which include: Havila (306 hectares), Timberland Heights (677 hectares) and Manna East (60 hectares) in Rizal, Ciudad de Calamba (350 hectares), City di Mare in Cebu (50 hectares) and Palm Estates in Talisay City (51 hectares).

It also owns 20 percent of Filinvest Alabang, the developer of Filinvest City (244 hectares), the premier CBD in southern Metro Manila.

Moving forward, FLI has positioned itself to be at the forefront of the development of the Clark Special Economic Zone through two major township developments. These are the 288-hectare New Clark City and the 201-hectare Filinvest Mimosa+ Leisure City.

As of March 31, 2019, FLI has built more than 200 residential developments across the country.