Filinvest Land Inc. (FLI) expects to sustain the momentum achieved by its residential business as the economy, both here and abroad, continues to open, its president Tristan Las Marias said.
Las Marias in a statement said FLI plans to further boost its international sales network and improve its digital and online platforms to reach out to more overseas Filipino markets which started to gain traction recently,
“FLI will continue accelerating construction completions and rolling out projects in emerging markets with large unserved housing demand. We anticipate an improvement in rental revenues going forward now that the traffic has improved in malls and rental concessions will be reduced,” said Las Marias.
FLI reported P4.31 billion in revenues and other income in the first quarter of 2022.
Residential revenues grew 9 percent to P2.69 billion due to continued construction progress and high reservation sales.
Net income attributable to equity holders of the parent amounted to P678 million.
Reservation sales in the first quarter reached P4.39 billion, an increase of 28 percent compared with the same period last year.
The increase in reservation sales was due to high sales from overseas Filipinos and the strong demand for housing products in the Laguna, Cavite, Rizal, Bulacan, and Pampanga markets.
FLI was given the highest credit rating by domestic credit rating agency Philippine Ratings Services Corp. (PhilRatings) for its planned bond issuance worth P8 billion, with an oversubscription option of up to P3.9 billion.
According to Josephine Gotianun Yap, FLI chief executive officer, the funds generated from the proposed bond issue would be used to support the company’s capital expenditures and service debt repayments within 2022.
FLI aims to expand its leasing business to reach 2.1 million square meters of gross leasable area in 2026 and is ready to launch P30 billion residential projects.
“We are grateful for this development as we reach our growth targets for our leasing and residential businesses,” Gotianun Yap said.
Las Marias added:
“The PhilRatings report… re-affirms our investors’ confidence in our company and our track record.”
The forthcoming bond issuance will be the third and last tranche of the P30- billion bond program of FLI as registered with the Securities and Exchange Commission last October 2020.
