Filinvest Land, Inc. (FLI) raises P8 billion for its capital expenditure program with the successful listing of its seven- and 10-year peso fixed-rate bonds in the Philippine Dealing Exchange on August 20, 2015. The bonds attained the highest PRS Aaa rating from the Philippine Rating Services Corporation (PhilRatings).
The Gotianun-owned property arm FLI’s fixed-rate bonds due 2022 and 2025 had an oversubscription of almost thrice the base amount of P5 billion, enabling the company to exercise the P3 billion oversubscription option approved by the Securities and Exchange Commission.
FLI President and CEO Josephine Gotianun-Yap said the funding tapped from the bond market will allow the company to set aside more than P20 billion for capital spending for the next 15 months as it aims for rapid and sustainable growth.
“With this bond issuance, FLI is now in full-gear for office and retail space expansion. We are tripling our office and retail rental portfolio to hit close to one million square meters of gross leasable area in the next five years. We tap the long term bond market to match our funding sources with our project horizons,” revealed Gotianun-Yap.
“FLI will also spend on residential developments and selective land acquisition. Filinvest Land continues to focus on its core markets – first-time homebuyers and ultimate end-users. By focusing on Oasis and Spatial medium-rise buildings and the Futura affordable housing projects, majority of our projects serve our core markets and have construction cycles of one year or less for faster revenue recognition and less exposure to construction cost risk,” added Gotianun-Yap.
Anchored on the Gotianun tradition of integrity, quality and service, FLI continues to build the Filipino dream with its real estate revenues hitting P6.6 billion in the first half of this year. FLI has launched P6 billion worth of projects in the first half while it targets a total of P16 billion for the entire 2015.
One of the country’s most-trusted real estate developers, FLI has expanded its diverse property portfolio catering to all markets today with over 2,400 hectares of land and more than 600,000 square meters of prime office, retail and residential spaces.
Reference:
Carla Cainoy
