Filinvest Land, Inc.

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.

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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.

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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.

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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.

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...official news nila

Profits up for property firms Filinvest and Century

FILINVEST Land, Inc. (FLI) and Century Properties Group, Inc. (CPG) both reported higher profits for the first six months of 2018, buoyed by the strength of their respective property businesses.

In a statement issued Friday, FLI said net income accelerated by 9% to P2.88 billion from January to June, as revenues improved by 6% to P10.65 billion.

The Gotianun-led firm observed a 28% increase in rental revenues to P2.6 billion for the period, following the completion of more office and retail buildings. Recurring income now accounts for 43% of the company’s total profit, in line with its goal for the unit to contribute a larger share to earnings in the coming years.

FLI currently has 27 office and retail developments spanning 595,000 square meters (sq.m.) in gross leasable area (GLA). The company looks to end the year with an additional GLA of 200,000 sq.m. With this, the firm said it is on track to meet its target of 1.5 million sq.m. in terms of GLA by 2022.

Meanwhile, the company launched P16 billion worth of residential projects during the first half, catering to the affordable and middle income markets with its Futura and Aspire brands.

“We are looking forward to the company’s further growth as we complete our investment property expansion plan. We expect profitability to increase as our newly opened office buildings and shopping malls stabilize, and additional office buildings become operational within the year. We forecast residential revenues to remain stable,” FLI President and Chief Executive Officer Josephine Gotianun-Yap said in a statement.

On the other hand, CPG’s net income went up 10% to P490 million during the first half, after revenues jumped 40% to P4.7 billion. The company attributed the increase to the sales of units in its residential condominium projects.

This includes sales of units in the Boracay Tower of Azure Urban Resort Residences in Parañaque City, the Iguazu tower of the Acqua Private Residences in Mandaluyong, and the Roxas West, Quirino West, and Quezon South Towers of The Residences in Quezon City. The buildings have a combined sales value of P15 billion from 3,500 units.

“We see this positive trend in our bottom line to continue. While we continue to recognize the revenue from the unit inventory of our condominium developments, we are also seeing a higher income stream from our new allied real estate segments,” CPG Chief Financial Officer and Head for Investor Relations Ponciano S. Carreon, Jr. said in a statement.

The Antonio-led firm also saw P500 million in revenue contribution from its Phirst Park Homes, its affordable housing segment. The company diversified into the affordable market in 2017 in a bid to take advantage of the lack of housing units in the country, translating to a housing backlog of six million homes.

“As the company’s diversification program starts to bear fruit, we will continue to work towards improving operational efficiencies to maximize growth opportunities and deliver more value to our shareholders in the near future,” Mr. Carreon said.

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FLI on track to complete 2nd office tower in Pampanga

CLARK, PAMPANGA — Filinvest Land, Inc. (FLI) is set to finish its second office tower within the group’s 201-hectare tourism and leisure estate in Pampanga this year, as it seeks to cater to the business process outsourcing (BPO) firms flocking to the province.

The office tower called 2 Workplus offers a total gross leasable area (GLA) of 13,035.5 square meters (sq.m.) across five office floors, while there will be another floor dedicated to retail. The building also offers 171 parking slots for its employees.

2 Workplus is the second of six mid-rise buildings inside the estate’s office complex called Workplus. The first building was completed in 2017, and has a GLA of 8,409.55 sq.m. The building is now fully leased out to a combination of BPOs and Chinese gaming firms.

“The Chinese online gaming has been making a huge impact in the industry, especially in real estate. We have an office space in Pasay that they recently closed four buildings with… right now they’re really moving to Clark,” Filinvest Cyberzone Mimosa, Inc. Cesarine Janette B. Cordero said in a media briefing here on Thursday.

The company said one floor of 2 Workplus has already been taken up by flexible workspace operator Regus.

“That’s a strategy actually of Filinvest, that we partnered up with Regus because we wanted to tap in the international market here in Clark. All the BPO spaces are filled with American, Australian companies. Now Chinese and Koreans are also making an impact. We feel like it’s a good strategy that if you want to have a feel of Mimosa, then you can start with Regus,” Ms. Cordero explained.

FLI expects to add four more office towers to the estate until 2021.

The Workplus office complex is part of the Filinvest group’s Mimosa+ Leisure City in Clark Freeport Zone, Pampanga. The mixed-use development is being leased out to the group for a period of 50 years.

Aside from office spaces, Mimosa+ Leisure City will also house leisure components, including a golf course, Quest Hotel and Conference Center, a lifestyle mall, retail strip, and events grounds. The company will also develop residential properties to accommodate the employees working in the office spaces, as well as retirees.

FLI saw its net income attributable to the parent jump by eight percent to P1.21 billion in the second quarter of 2018, following revenues of P4.16 billion. This brought the company’s attributable profit for the first half to P2.6 billion, seven percent higher year-on-year as revenues also rose nine percent to P10.06 billion.

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...more details on the Mimosa Project

Filinvest expanding residential, office projects in Mimosa

FILINVEST Land, Inc. (FLI) is expanding its residential and office projects in Pampanga with its redevelopment of the 201-hectare Mimosa+ Leisure City.

The Gotianun-led property developer started working on the Mimosa+ Leisure City back in 2016, after the Filinvest Group was awarded the 50-year lease for its redevelopment and operation management. Its master plan now includes an office campus called WorkPlus, a residential complex called LodgePlus, hotel developments, an entertainment strip, and casino.

FLI will be building six mid-rise office towers for the 3.6-hectare WorkPlus complex, which will cater to business process outsourcing (BPO) firms, information technology, and knowledge-based companies looking to locate in the area. The first building, with a gross leasable area (GLA) of 8,409.55 square meters (sq.m.), has already been completed and is fully leased out.

The next five towers are scheduled to be completed by 2021, which will bring the total GLA in the WorkPlus complex to 101,123.55 sq.m. The company noted that it may adjust the timetable in advance depending on market demand.

Each of the buildings in WorkPlus will have one floor dedicated for retail outlets, with podium parking located in buildings 4-6. Buildings 1 & 2 will have surface parking areas.

FLI will also be developing residential units in the 2.74-hectare LodgePlus to accommodate the employees of BPO firms in Mimosa+ Leisure City. Located 450 meters away from WorkPlus, LodgePlus targets to minimize employees’ time for transportation and promote a work life balance.

LodgePlus will offer a total of 438 residential units and 119 parking slots across three buildings, which are set to be completed from the third quarter of 2019 until the first quarter of 2020.

The residential project offers studio type units covering 32.11 sq.m., which comes with single beds, bed bunks, mattresses, cabinets, table with chairs, a kitchen sink and faucet. Each room can accommodate up to six people.

LodgePlus commands lease rates of P5,000 for each bed space, P30,000 for an entire unit, and P750,000 for an entire floor with 25 units.

Amenities include a clubhouse, gazebos, and seating areas. The buildings will also have two elevators each, round-the-clock security, and standby emergency power, among others. The entire residential complex will have 119 parking slots.

Meanwhile, FLI will also develop the Mimosa Entertainment Quarter, which will consist of a lifestyle mall and convention center set to be completed in the third quarter of 2020 and fourth quarter of 2023, respectively.

FLI’s master plan works around the 25-year-old golf course which covers more than half of the entire Mimosa+ Leisure City development. Officials noted that the golf course is the largest in the country in terms of number of players, attracting up to 600 golfers per day on peak season.

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FLI inaugurates Amarilyo Crest facility in Eastern Metro Manila

GOTIANUN-led Filinvest Land Inc. (FLI) on Thursday said it inaugurated the amenity area of Amarilyo Crest, one of the seven residential communities in the 300-hectare Havila townscape, the largest development east of Metro Manila bordering the municipalities of Taytay, Antipolo and Angono in Rizal.

Amarilyo Crest offers a community using a contemporary Asian architecture in an 8.8-hectare property that has panoramic views of the mountains. This residential development has four Asian-inspired house models to choose from, with livable floor areas ranging from 60 square meters to as large as 13 sq m.

“The residents can now enjoy the wide variety of fine amenities. Family bonding activities are made easy without having the need to travel far. Families can take a dip at the pools with the majestic view of the mountains. Children can enjoy playing in open spaces, gazebo and pocket parks. Special occasions and milestones can be celebrated at the exclusive clubhouse,” said Francis V. Ceballos, FLI senior vice president for the Northeast Cluster.

Amarilyo Crest can be accessed via the three major access points from Ortigas Avenue Extension, Marcos Highway and the Manila East Road.

Its accessibility allows the residents to come home to their very own sanctuary that is close to nature and yet still close to the city, he said.

“With Metro Manila being heavily congested, people can now escape from this overcrowded and polluted area and enjoy fresh air and clean surroundings in a community like Amarilyo Crest,” he said.

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