November 24, 2017, 5:09 pm
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Retail, office push developer’s profit

Filinvest Land Inc., (FLI) said profit for the first nine months of the year reached P3.7 billion, 7 percent higher than last year’s P3.45 billion.

Revenues hit P14.52 billion, up 7 percent higher from last year’s P13.60 billion.  

“The company attributes the revenue increase to a major expansion of its rental property portfolio and the continued strong demand for its retail and office spaces,” FLI said.

In the office business, rental revenues reached P3.15 billion, up 31 percent from P2.40 billion as the firm booked increased revenues from its new office and retail buildings.  Vector Three, located in Northgate Cyberzone Alabang, has been completed, adding 36,000 square meters (sq.m.) of GLA to the office portfolio. 

 FLI now operates 22 office buildings totaling 348,000 sq.m.  of GLA.  Three more buildings are slated to be completed and turned over in 2017. 

FLI has eight other buildings under construction, namely with a total of  224,000 sq.m.   of additional GLA.

FLI said it is growing its retail rental space portfolio with  GLA now at 211,000 sq.m.

“On the residential side, FLI continues to launch projects that address the needs of the affordable and middle income markets, which remain to be underserved. More than 70 percent of FLI’s product offerings are house-and-lots and mid-rise buildings located nationwide. FLI has already launched residential projects in Metro Manila, Rizal, Dumaguete, Davao, and Iloilo this year, the company said. 

To date, it has developed more than 2,500 hectares of land and sold more than 160,000 housing units. 
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