Listed Filinvest Land Inc. (FLI) on Friday said it looks to venture in new initiatives this year, including logistics, e-commerce warehouses and co-living spaces.
In a statement, FLI President and Chief Executive Officer Josephine Gotianun Yap said the new products “will widen the base of [their] investment properties for recurring income.”
The property arm of Filinvest Development Corp. also eyes the listing of its own real estate investment trust (REIT).
FLI said the proceeds to be raised from the REIT offering would be used to fund the completion of its ongoing and planned office projects.
A part of the proceeds is also intended for the development of its logistics and innovation parks to address the needs of logistics, light manufacturing, storage and e-commerce companies.
Meanwhile, the firm disclosed that it is earmarking P16 billion for its capital expenditures (capex) this year, with the bulk intended for its residential developments at P6.4 billion.
Its office developments will see P5.8 billion, while P3.8 billion is allocated for retail, logistics/innovation parks and land acquisition.
FLI noted that it also has a P30 billion pipeline of residential projects and eyes to expand across the country, including Bataan, Naga, Dagupan and General Santos.
The attributable income of FLI declined by 41 percent to P3.73 billion last year, while its revenues dipped 32 percent to P17.49 billion year-on-year.
Shares of FLI shed 1 centavo or 0.9 percent on Friday to finish at P1.10 apiece.
Source: Manila Times