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:cheers:Filinvest earmarks P20B for expansion
Filinvest Land, Inc. (FLI), the property development arm of the Gotianun group, is raising its capital expenditures (capex) budget to P20 billion this year from the P11 billion it spent in 2012 as it aims to boost inventory of its products.
During the firm’s annual stockholders’ meeting, FLI president Josephine Gotianun-Yap said “around P10 billion is earmarked for residential development costs, P7 billion for the construction of office buildings and malls and the balance of P3 billion for landbanking activities.”
Yap said FLI is eyeing to launch P18 billion worth of new projects and additional phases of old projects this year, more than double the P7 billion worth of projects that were offered to the market last year.
FLI investor relations officer Anabelle Arceo explained that the company did not launch as many projects last year since it focused on selling existing inventories.
Arceo said they will launch 12 new projects and additional expansions consisting of seven horizontal projects, two medium-rise buildings, one high-rise building and the company’s affordable housing brand Futura Homes.
FLI is also aiming to double its leasing portfolio to 550,000 square meters by 2015 from 253,000 sqm. in 2012. The target for the end of 2013 is 361,00 sqm.
This includes increasing its retail space to 268,231 sq.m. by 2016 with the expansion of existing malls, and new developments. FLI is spending P5 billion to expand its Alabang Festival Supermall by an additional 48,974 sqm., by 2015.
Also under development are the P2.8 billion, 30,211 sqm. Filinvest Mall Tagaytay, set for completion by 2015; the P1 billion, 19,069 sqm., Filinvest Mall Princeton in Molino, Bacoor Cavite, set for completion in 2015; and the P3.1 billion, 35,231 sqm., Festival Supermall Cebu, set for completion in 2016.
Also to boost leasing space is the expansion of the firm’s office building business. “Filinvest One, FLI’s newly-completed building at Northgate Cyberzone, is already 70 percent leased-out, and some floors have already been turned over to tenants for fit-outs,” Yap said. (James A. Loyola)
source: Manila Bulletin
According sa Manila Bulletin 2015 ang target completion ng Filinvest Malls sa Bacoor at Tagaytay...