Filinvest Land allots P16B for 2021 capex

MANILA, Philippines — Filinvest Land Inc. (FLI), the property arm of the Gotianun Group, is strengthening its logistics, e-commerce and co-living space businesses as it transitions into a post COVID-19 era.

FLI president and CEO Josephine Gotianun Yap said the company is pouring in P16 billion in capital expenditures for 2021, with P6.4 billion set aside for residential developments, P5.8 billion for office developments and P3.8 billion for retail, logistics, innovation parks and land acquisitions.

“In 2021, we are moving forward and embarking on new initiatives such as logistics and e-commerce warehouses, and co-living spaces. These initiatives address new trends that will define our future and will widen the base of our investment properties for recurring income,” Gotianun-Yap said during the company’s annual stockholders meeting yesterday.

The company, through Cyberzone Properties Inc. (CPI), is also planning its entry into the REIT market, which is a new financial platform to monetize investment assets as they mature and provide funding to fuel future growth.

The maiden REIT offering slated this year is expected to carry a portfolio of over 300,000 square meters of gross leasable area from modern office developments most of which are strategically located in Northgate Cyberzone in Filinvest City, a 244-hectare CBD which has attained LEEDv4 Gold Certification for Neighborhood Development in Southeast Asia.

Proceeds from the REIT offering will enable FLI to fund the completion of its ongoing as well as planned office projects. It will also fund the development of FLI’s logistics and innovation parks to address the needs of logistics, light manufacturing, storage and e-commerce companies, the company said.

For its residential business, FLI will retain its stronghold on the affordable segment through its smart-value Futura by Filinvest brand and the mid-income segment through its lifestyle Aspire by Filinvest brand.

FLI has a P30 billion pipeline of residential projects and is looking to expand to new areas across the country such as Bataan, Naga, Dagupan and General Santos.

“We have kept our focus. We continue to build the dreams of affordable and middle-income families. Our product designs and project locations cater to the end user, mostly first time homebuyers who remain to be our major customers. We believe that this is a more stable market, a market which is less prone to speculation and volatility,” said FLI chief strategy officer and residential business head Tristan Las Marias.

FLI reported a net income of P3.73 billion last year, down 41 percent.

Article and Photo originally posted by Philippine Star last April 24, 2021 12:00am and written by Iris Gonzales.