FLI home, condo sales rise in H1

Filinvest Land Inc. (FLI), the Gotianun-led property developer, said sales of its housing and condominium units rose 30 percent in the first half, with total option sales reaching P9.1 billion.

“We are happy to see our sales volume increase to pre-pandemic (levels) and, happier to see sales growth recorded in almost all the provinces where we operate. We have invested to build bigger distribution channels both locally and abroad to reach more customers and support our expansion activities, and it is paying dividends for us,” FLI President Tristan Las Marias said.

For the first half, the company said it recorded a 7-percent growth in its consolidated revenues and other income to P9.1 billion from last year’s P8.31 billion.

The first semester’s revenue, however, was still lower than the P9.3 billion the company posted in 2020.

FLI said its residential revenues grew by 10 percent to P5.8 billion, while its retail rental revenues grew 53 percent from last year.

Residential and retail rental revenues contributed 72 percent of the company’s revenues, while office leasing and sale of industrial projects contributed the remaining 28 percent.

The company has not yet disclosed its income figures, only saying that its consolidated earnings before interest and taxes also grew by 5 percent from the previous year.

FLI said the growth in residential revenues was due to accelerated construction progress and strong performance of its housing projects in Cavite, Laguna, and Rizal and medium-rise condo projects in Metro Manila and Davao.

Meanwhile, the company attributed the increase in its retail rental revenues to the improvement in its malls’ occupancy and the removal of rental concessions.

Filinvest Land said it has launched new condominium projects in Dagupan City, Zamboanga City, and new condo buildings in existing condo communities in Davao City, Cagayan De Oro, Cebu City and Metro Manila.

It also opened expansion phases in its housing and subdivision projects in Pampanga, Rizal and Cavite. FLI said it will roll out some P14 billion in new launches and expansion projects for the rest of the year.

“Our economy is vibrant once again and our OFW remittance has never been stronger. We are seeing strong recovery from all our business segments, and we aim to take advantage of our extensive geographic presence to catch unserved and emerging property demands as businesses further open in the country,” Las Marias said.