Php 2.24 billion new projects launched
Filinvest Land, Inc. (FLI), one of the country's largest real estate developers, reported Php 8.98 billion in residential revenues in the first nine months of 2022, a 10% growth compared to the same period last year. This was driven by the company's accelerated construction activities and the strong performance of its housing projects in Cavite, Laguna, and Rizal, and mid-rise condominiums in Metro Manila and Davao.
Reservation sales also grew by 15% to Php 14 billion during the period as it launched new residential projects valued at P2.24 billion located in Teresa in Rizal, Naga in Camarines Sur, and San Rafael, Bulacan. The developer’s recently launched master-planned condo communities in Dagupan City, and Zamboanga City further strengthened Filinvest Land’s smart-value condo segment. Futura One at Fora Dagupan and Futura Vinta in Zamboanga are green and sustainable mid-rise condo communities that offers residential units amid refreshing amenities and wide open spaces. Futura One at Fora Dagupan offers studio units fit for students or those working in the city and 2-bedroom units apt for growing families. Futura Vinta offers 2-bedroom units exclusively. These units are also investor-friendly with rental income opportunities and potential capital value appreciation.
Futura One at Fora Dagupan and Futura Vinta in Zamboanga are expected to be followed by another smart-value mid-rise condo community in General Santos in the coming months. These three condo communities are the first master-planned condo communities in their respective cities. Filinvest Land is also poised to enter Bataan within the year.
"We are pleased with the continued growth of our residential business, especially the sustained sales performance of our newly opened condominium projects in Dagupan City and Zamboanga City. Our investment to increase sales networks, locally and internationally, especially in tested markets like the Middle East and Europe, is driving improvement in reservation sales performance year on year," said Filinvest Land President Tristan Las Marias.
The company's mall business also grew by 66% compared to the same period last year and contributed Php 1.14 billion in revenues. The growth in mall revenues was due to the improvement in tenant occupancy and the increase in in-store sales brought about by increased foot traffic.
"With the increase in occupancy and improved performance of our mall business, we are optimistic that we can sustain our recovery trajectory and further increase revenues in the coming months," Las Marias added.
Total FLI revenues and other income amounted to Php 14.19 billion, up 8% compared to the same period last year. Net income attributable to equity holders of parent amounted to Php 2 billion.