Filinvest Land allots P27.3 B for capex

MANILA, Philippines - Gotianun-led property arm Filinvest Land Inc. (FLI) has set a capital spending program of P27.295 billion for  the  next 15 months as it aims to maintain rapid and sustainable growth.

A big chunk of the programmed budget for the period October 2013 to December next year will go to the development of high-rise and medium-rise buildings (P9.94 billion) in Tagaytay, Iloilo and Cagayan de Oro, Quezon City and San Juan City.

The company plans to launch “The Signature,” its first medium-rise building project in Quezon City. The three-building project will offer a total of 348 units and will rise on a one hectare lot on A. Bonifacio, which is close to the commercial districts of Banawe and Grace Park in Caloocan City.

The San Juan City project, on the other hand, will be called Fortune Hill and will have two buildings housing 92 units only.

About  P7.7 billion of the total budget will be used to beef up its retail or shopping mall business to complement its residential projects. 

To maintain its position as the biggest mall in the southern part of Metro Manila, FLI will start construction of two malls, one in Tagaytay City and another one at its Princeton Heights residential project, both located in Cavite.

FLI is also expanding Festival Supermall in Quezon City and developing Il Croso in Citta di Mare, South Road Properties in Cebu.

For office developments, FLI has allotted P5.45 billion out of the total capex.  It will continue to construct business process outsourcing office spaces at Northgate Cyberzone and in other urban areas such as Cebu as demand for additional office space remains robust.

As of end-June this year, Northgate Cyberzone had 13 buildings with a combined gross leasable area of 144,953 square meters.

 A total of P2.31 billion, on the other hand, will be used to fund horizontal or subdivision development projects while P1.895 billion has been set aside for rawland acquisitions.