Filinvest Land sets P20-billion capital expenditure for this year

Filinvest Land Inc.

FILINVEST LAND, Inc. (FLI) is spending P20 billion this year to sustain the growth of its residential and commercial businesses.

FLI Treasurer and Deputy Chief Financial Officer Ana Venus A. Mejia said in a mobile phone message the company has set aside P20 billion in capital expenditures (capex) this year, but declined to provide the actual spending last year.

In August, the Gotianun-led developer said its capex budget for 2016 may be lower than the programmed spending of P24 billion in 2015.

FLI is bringing to the market new projects with an estimated value of P14.4 billion this year, including three new medium-rise building (MRB) projects and two additional buildings in existing projects, according to a regulatory filing.

Aside from the MRBs, FLI has 12 horizontal residential projects with a projected value of about P7.2 billion and two high-rise mixed-use buildings with an estimated sales value of P4.9 billion.

As part of its plan to triple the gross leasable area (GLA) of its business process outsourcing office buildings by 2019, FLI is targeting to complete two more office buildings: Vector 3 with a GLA of 36,345 square meters (sqm) in Northgate Cyberzone and Pasay Cyberzone with a GLA of 36,807 sqm.

For its retail portfolio, the property company is adding another 46,705 sqm to the GLA of Festival Supermall at Filinvest City in Alabang, Muntinlupa, maintaining its position as the biggest mall in southern Metro Manila.

The Il Corso lifestyle strip, a retail project in South Road Properties in Cebu, will contribute a GLA of around 35,000 sqm when fully completed. FLI has commenced the construction of malls in Tagaytay City and at its Princeton Heights residential project in Cavite.

FLI registered an operating regular net income of P5.12 billion last year, up 11% from P4.61 billion, supported by a 7% uptick in consolidated revenues to P16.53 billion from P15.47 billion.

Real estate sales rose 6.4% to P14.05 billion in 2015, while rental revenue climbed 9.7% to P2.48 billion.

FLI has secured long-term lease deals for two large chunks of land in Clark, Pampanga: the 201.64-hectare Mimosa Leisure Estate property and the 288-ha section of Clark Green City.

FLI is a subsidiary of Filinvest Development Corp., the holding firm for the Gotianun family’s businesses in banking, hotel, power, and sugar farming and milling.

Shares in FLI added three centavos or 1.81% to close at P1.69 each on Friday.

 

Source: http://www.bworldonline.com/content.php?section=Corporate&title=Filinvest-Land-sets-P20-billion%20capital-expenditure-for-this-year&id=124462