Residential, mall growth boost FLI profit

MANILA, Philippines — The real estate developer of the Gotianun clan kicked off the year with a 14 percent increase in profit, picking up growth momentum from the residential and mall segments.

In a disclosure to the Philippine Stock Exchange, Filinvest Land Inc. (FLI) said it turned in a net income of P845 million in the first quarter, up by 14 percent from a year ago.

FLI left no stones unturned in the opening months of 2024, building a double-digit growth in the residential business and delivering a single-digit improvement in the mall portfolio.

Its residential income went up by 22 percent to P3.4 billion from January to March, driven by the increasing takeup of its projects. The developer also sped up the pace for the construction of its midscale condominiums in Metro Manila and Mindanao.

On top of this, FLI finished three condominium projects, namely, Panglao Oasis in Taguig City, Alta Spatial in Valenzuela City and Veranda Resort Condo in Samal Island. Likewise, the builder launched P3.3 billion worth of residential projects to expand its presence mostly in provinces.

As part of its national expansion, FLI plans to develop new townships in Visayas and Mindanao, especially in growing cities, such as Iloilo, where it will locate an 11.4-hectare residential project called Iloilo Centrale.

Further, FLI’s mall income rose by six percent to P589 million, observing a spike in occupancy rate coupled with rising foot traffic across properties in Alabang, Bacoor, Cebu and Tagaytay.

Between January and March, FLI raised its overall occupancy to 76 percent, as it secured leases for an additional 19,000 square meters, benefitting mainly Festival Mall in Alabang and IL Corso in Cebu.

FLI targets to complete by August its 3,760 sqm mall in Dumaguete, situated in an estate called Marina Town that will also include office spaces, residential condos and a new Quest Hotel. The developer is also on track to finish a new mall inside the Clark Freeport Zone by the first quarter of 2025.