Filinvest Land, Inc. (FLI) is looking into new initiatives such as entering the real estate investment trust (REIT) market, logistics and e-commerce warehouses, and developing co-living spaces this year.
“These initiatives address new trends that will define our future and will widen the base of our investment properties for recurring income,” Josephine Gotianun-Yap, president and chief executive officer of FLI, said in an online briefing on Friday.
Existing investments and projects under constructions total to P190 billion in market value, the company said.
Filinvest Land is allotting P16 billion for its capital expenditures this year. Some P6.4 billion will be spent on residential developments, P5.8 billion for office spaces, and P3.8 billion for the company’s retail logistics, innovation parks, and for land acquisition.
FLI’s residential property business is planning to penetrate four new provinces this year.
“We are continuing to expand our business presence geographically,” FLI Chief Strategy Officer and Residential Business Head Tristaneil D. Las Marias said. “We are also making our products address different lifestyles and different income segments,” he added.
Meanwhile, the company said the pandemic “affirmed” its strategy of focusing on the office leasing business.
“We are a pioneer and we grew with the BPO (business process outsourcing) industry since its infancy. An industry that has brought employment to over a million Filipinos and a key driver to our country’s GDP (gross domestic product),” Ms. Gotianun-Yap said.
FLI’s office portfolio includes 31 buildings and around 524,000 square meters (sq.m.) of gross leasing area. In the next two years, the company expects to add 239,000 sq.m. to its portfolio after an additional 11 office buildings are completed.
Two more buildings will join the 19 operational buildings in FLI’s Muntinlupa Northgate Cyberzone development, bumping its leasable area by 78,000 sq.m. FLI is also planning to issue a REIT this year with 17 buildings in its portfolio.
“These buildings have a roster of quality tenants substantially composed of prime BPO and traditional businesses,” Cyberzone Properties, Inc. President Maricel Brion Lirio said.
Proceeds from the listing will allow FLI to fund its ongoing and future projects. FLI shares at the stock exchange went down by 0.90% to close at P1.10 apiece from P1.11.
Source: BusinessWorld
