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MANILA (March 12, 2015) — Filinvest Land, Inc. (FLI), one of the country’s largest residential developers and BPO office providers, recorded a 16 percent jump in consolidated net income of P4.6 billion for 2014, up from P3.98 billion in 2013.
Consolidated revenues surged 22 percent to a record P16.9 billion. The company attributes the strong revenues to the continued growth in its residential business, as well as the strong expansion of its office leasing operations.
FLI recorded P13.2 billion in revenues from its residential projects, 26 percent more than the P10.48 billion posted in 2013.
This was driven by strong demand for its wide spectrum of residential product offerings — its Futura Homes affordable housing projects, medium-rise buildings (MRB) that carry the “Oasis” and “Spatial” brands, and its Studio Series high-rise buildings.
The Oasis-branded MRB enclaves in Cebu City include One Oasis Cebu in Kasambagan and the neighboring Amalfi Oasis and Sanremo Oasis at the City di Mare township at SRP.
Revenues from rental assets, on the other hand, rose to P2.26 billion, an 11 percent increase from the P2.03 billion generated in 2013, as the firm booked increased revenues from its new office buildings “Filinvest One” and “Plaz@ E” at Northgate Cyberzone in Filinvest City, Alabang.
Filinvest Land currently operates 14 buildings and is completing construction of three more office buildings, “Filinvest Two” and “Filinvest Three” at Northgate Cyberzone and Filinvest Cebu Cyberzone Tower 1 in Apas-Lahug, Cebu City beside Cebu IT Park.
The three new buildings will increase the company’s office portfolio to 274,971-sqm.
Meanwhile, the firm launched P12.5 billion worth of residential projects in 2014.
Among the projects launched during the year was “100 West,” an iconic mixed-use development comprising of a high-rise residential tower, 15,637-sqm. of BPO office space and three floors of convenient shopping space, strategically located at the corner of Sen. Gil Puyat Ave. and Washington St. in Makati.
Filinvest Land also beefed up its core business of affordable housing by launching new horizontal development projects in Tarlac, Rizal, Laguna, Batangas and Palawan.
For 2015, the company is targeting to launch an additional P16 billion worth of projects. Filinvest Land is one of the pioneers in providing office space to BPOs starting with its Northgate Cyberzone in Filinvest City, Alabang which was launched in 2001.
FLI CEO and President Josephine Gotianun Yap said that the firm is on track with its plans to triple its recurring income portfolio by 2019 to about 970,000-sqm.
“We are targeting to increase our gross leasable area to three times our current office and retail space inventory within the next five years. For 2015, we are adding around 67,506 square meters of office space and 85,034 square meters of retail space to our portfolio,” notes Yap.
“The outstanding performance of FLI in 2014 was brought about by the company’s ability to address the needs of home buyers as reflected in the consistent growth of residential sales and its ability to execute its plans to increase office as well as retail spaces in key locations nationwide,” she added.