By Chelsey Keith P. Ignacio
Filinvest Land, Inc. (FLI) registered an increase in its revenues as well as housing and condominium sales in the first half of 2022.
The property developer saw its consolidated revenues and other income grow to P9.1 billion in the first half of the year, up by 7% from the same period in 2021. FLI attributed this rise in revenue to the strong performance of its residential and retail businesses.
Somerset Lane is a 10-hectare residential subdivision in Tarlac City which offers a refreshing abode with an American-New England theme.
Revenues from its residential segment increased by 10% to P5.8 billion, while its retail rental revenues upped by 53% compared to the same period last year. FLI’s residential and retail rental revenues accounted for 72% of its consolidated revenue performance during the first half of the year.
Office leasing and the sale of industrial projects generated the remaining 28% of the developer’s consolidated revenues and other income.
According to FLI, behind the growth of its residential revenues were the accelerated construction progress and strong performance of its housing projects in Cavite, Laguna, and Rizal, and its medium-rise condo projects in Metro Manila and Davao. Meanwhile, the improved occupancy in its malls and the gradual removal of rental concessions increased its retail rental revenues.
Fora Mall found along the iconic Tagaytay rotunda is making its mark as a preferred destination.
FLI’s consolidated earnings before interest and taxes also rose by 5% in the first half of 2022 compared to the same period in the year prior.
With regards to the sales of its housing and condominium units, FLI saw a 30% growth during the first half of the year, recording P9.1 billion in total option sales as of the end of June.
“We are happy to see our sales volume increase to pre-pandemic performance and, happier, to see sales growth recorded in almost all the provinces where we operate,” Filinvest Land President Tristan Las Marias said. “We have invested to build bigger distribution channels both locally and abroad to reach more customers and support our expansion activities, and it is paying dividends for us.”
FLI also announced that it has launched new condominium projects in Dagupan City and Zamboanga City as well as new condo buildings in existing condo communities in Davao City, Cagayan De Oro, Cebu City, and Metro Manila. It also opened expansion phases in its housing and subdivision projects in Pampanga, Rizal, and Cavite.
The developer estimates to roll out new launches and expansion projects worth P14 billion for the rest of 2022.
Il Corso Mall at City di Mare is a redefined lifestyle destination right along South Road Properties in Cebu.
“Our economy is vibrant once again and our OFW remittance has never been stronger. We are seeing strong recovery from all our business segments, and we aim to take advantage of our extensive geographic presence to catch unserved and emerging property demands as businesses further open in the country,” Mr. Las Marias said.
Filinvest Land is one of the leading full-range property developers in the Philippines, having built a diverse project portfolio that comprises residential, office, mall, townscape, and mixed-use developments across the country.
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