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Filinvest Land, Inc.
3-21

Filinvest Land says profit up 9% to P5.83b

Filinvest Land Inc., one of the largest integrated real estate developers owned by the Gotianun family, said Wednesday net income in 2017 climbed nine percent to P5.83 billion from a year ago, boosted by the strong rental of retail and office development projects. 

FLI said in a disclosure to the stock exchange consolidated revenue reached P20.27 billion with rental sales growing 30 percent to P4.42 billion from P3.38 billion a year ago.

“We are looking forward to the company’s accelerated growth in 2018 as our new office buildings and shopping malls become operational and generate incremental rental revenues. We also expect residential revenues to remain stable,” FLI president and chief executive Josephine Gotianun Yap said.

FLI operates 22 office buildings totaling 348,000 square meters of gross leasable area.

Two more buildings have been substantially completed and are due for turnover—Cebu Cyberzone Tower Two in Lahug, Cebu City, and Cyberzone Mimosa Building 1 in Clark. The two  will add 36,000 square meters of leasable office area. 

FLI has nine other buildings under construction, namely Axis One and Axis Two in Northgate Cyberzone, Cyberzone Bay City A and D in Pasay City, Cyberzone Mimosa Building 2 in Clark, One Filinvest in Ortigas, Activa and Studio 7 in Quezon City, and 100 West in Makati, with a total of 263,000 square meters of additional GLA.

The property company 50,000 sq. m. of retail space in 2017 with the opening of two malls in Bacoor, Cavite and Tagaytay. The group’s total retail GLA now stands at 239,000 square meters. 

FLI is expected to add another 41,000 sq. m. of retail space in 2018 with the opening of two malls in Cebu and Dumaguete.

FLI earlier planned to hit its target of one million square meters of office and retail leasable space by 2019.

FLI`, meanwhile, plans to launch P16 billion worth of residential projects in 2018, higher than P14.6 billion unveiled in 2017.


source: http://thestandard.com.ph/business/corpo...5-83b.html
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Filinvest Land ready to boost leasing base

Filinvest Land Inc., the property unit of the Gotianun Group, has set a medium term target of 1.5 million square meters in leasing portfolio that contribute 50 percent of the company’s net income by 2022.

FLI said in an annual report it would aggressively roll out new offices and shopping malls across its integrated mixed-use developments in Alabang, Quezon City, Makati, Bay Area, Ortigas, Cebu and Clark, Pampanga.

“Our medium-term target for 2022 is a build-up of 1.5 million square meters of gross leasable area,” FLI president and chief executive Josephine Gotianun-Yap said.

The property developer earlier aimed to build 1 million leasing space by the end of 2019.

FLI had 587,000 square meters in GLA at the end of 2017, contributing 30 percent of the company’s net income.

Gotianun-Yap said the company’s recurring income portfolio by the end of 2018 would already be close to 800,000 square meters of GLA with the addition of 210,000 square meters of office and retail space.

FLI plans to strengthen its position as the leading office developer in the southern part of Metro Manila with Northgate Cyberzone and build a significant presence in Visayas, specifically Cebu which is the largest city in Visayas and the second biggest in the Philippines.

It plans to be the pioneer office developer in the Clark Special Economic Zone and develop an office component in planned mixed-use buildings strategically located near transportation hubs in the Pasay Bay Area, Makati and Quezon City

On retail development, FLI said it would focus on entertainment and lifestyle-oriented malls with distinct themes and locations that complement its city and township developments.

For the residential business, FLI is poised to launch P16 billion worth of housing projects this year, up from P14.6 billion unveiled in 2017.


source: http://thestandard.com.ph/business/corpo...-base.html
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4-23

Filinvest sets 2018 capex at P23.5B  

FILINVEST Land, Inc. (FLI) has earmarked about P23.5 billion capital spending for this year to cement its position in the real estate market with new projects set for launch in the coming months.

Josephine Gotianun-Yap, FLI president and chief executive officer, said the capital expenditure (capex) program this year is higher than last year’s budget of P22 billion.

She said the amount will be used to fund the group’s office, residential and retail development projects as well as for land acquisition.

“[The capex will be financed through a] combination of … mostly internally generated funds, then we normally would borrow a portion for the investment properties—the ones that we have to build, like malls and offices. But most of the residential [projects, that is] usually internally generated,” she told reporters on the sidelines of the company’s stockholders’ meeting on Friday.

Around 15 residential projects are to be constructed this year. She said these would be horizontal, midrise and additional buildings of existing midrise communities.

For FLI’s office and retail segment, the company is set to launch two buildings in Alabang, one in Cebu, and one in Clark. She added they have around five buildings currently under construction.

“[So for the office and retail] the total would be roughly 800,000 square meters by the end of 2018,” she said.

She added FLI’s office market consists of business process outsourcing (BPO), Philippine offshore gaming operators (POGO), and traditional offices.

Yap said FLI expects to achieve “high single-digit” earnings growth this year on the back of its rental income, which already contributes about 40 percent to its net income.

FLI ended 2017 with a 9 percent increase in profit at P5.83 billion, while revenues climbed 4 percent to P20.27 billion. Rental income in the period surged 30 percent to P4.42 billion.


source: http://www.manilatimes.net/filinvest-set...5b/394304/
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7-8

Megawide, Filinvest agree to settle dispute on P800-million fees

Construction company Megawide Construction Corp. and developer Filinvest Land Inc. are close to signing an amicable settlement over an P800-million collection case.

Megawide chief finance officer Oliver Tan said a settlement could be finalized within the third quarter, with FLI agreeing to pay the construction company.

“I think we were able to come into a compromise agreement, so we should be disclosing the detail of that this third quarter,” Tan said.

Both parties are expected to sign the amicable settlement soon, he said.

Tan said while the structure of the amicable settlement was still being finalized, FLI, the property arm of the Gotianun family, was now willing to pay Megawide for the unpaid receivables from various projects it had undertaken for the property firm.

“They will pay something. The structure of the settlement will mend the relationship in such a way that we will not incur losses for the projects and they will walk away their good reputation still intact,” Tan said.

He said with the amicable settlement forthcoming, Megawide would no longer pursue any legal action against FLI.  In 2017, Megawide said it was claiming roughly P800 million in unpaid receivables from various projects it had undertaken for FLI.

FLI said it was also demanding payment from Megawide for its failure to complete several projects.

The issue stemmed from the claim of FLI that Megawide failed to deliver the projects based on an agreed timetable.

Megawide, however, said the five high-rise projects it constructed for FLI were completed within the timetable, based on the approved extension and well within the new turnover schedule.

FLI said Megawide was liable for liquidated damages amounting to P793.5 million, plus another P72.24 million and other costs allegedly incurred by the property developer for rectification works, takeover works, importation and other expenses.

FLI said it had to take-over the projects to ensure completion, which resulted in substantial liquidated damages and other actual damages for costs of rectification, take-over works and lost income.

The rift between Megawide and Filinvest group started when Filinvest-Changi consortium lost to Bangalore’s GMR Infrastructure Limited-Megawide consortium in the auction for the P17.5-billion Mactan-Cebu International Airport contract.


source: http://manilastandard.net/business/biz-p...-fees.html
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