GOTIANUN-LED property developer Filinvest Land Inc. (FLI) will be beefing up its portfolio with the planned launch of residential developments worth a total of P25 billion over the next two years.
The launches are aimed to "optimize our land bank and sustain our strong market presence in cities where we are already present," FLI President and CEO Tristan Las Marias told stockholders last Friday.
FLI has mapped out an expansion strategy and is seeking to explore residential business opportunities across the country, particularly in key cities in the Visayas and Mindanao regions.
"We have seen the huge unserved demand for housing, and we plan to continue offering affordable housing projects in Rizal, Cavite, Laguna, Bataan, Zamboanga, and other second-class cities in the Visayas and Mindanao," Las Marias said.
These initiatives are in line with FLI's goal of making housing accessible to government and private workers within the mass market income bracket to "help more Filipinos build their dream," he added.
Parent firm Filinvest Development Corp. earlier said it had allocated up to P15 billion, or 60 percent, of its capital expenditure budget for 2024 to support the property developer's projects.
FLI plans to launch its first mid-rise condominium community project in Cavite and upgrade its existing residential township in the province with the addition of commercial shops, transport terminals, and affordable low-rise condo developments.
It also plans to unveil new residential townships, supermarkets, daycare centers, and a football field within Iloilo Centrale, an 11.4-hectare mixed-use development located in Leganes, Iloilo.
"Iloilo Centrale will also offer our first walkup project, which will provide very affordable condo units that will be located in a complete residential setting," Las Marias said.
New mid-rise condo buildings, he added, are set to open in Dumaguete, Zamboanga, and General Santos City, while taller condo projects will be launched in Cebu and Davao to "match the growing market potentials in these highly urbanized cities."
"We have also kept a balanced geographical portfolio for our residential business... Our launch plan for 2024 will clearly support this strategy," the FLI executive said.
In 2023, the company saw its attributable net income expand by 30 percent to P3.77 billion from P2.9 billion a year earlier, backed by growth in its residential and leasing businesses.
Shares in Filinvest Land closed 1.49 percent lower at 66 centavos apiece last Friday amid a 1.23-percent decline for the benchmark Philippine Stock Exchange index.
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