FILINVEST LAND, INC. (FLI) is building more homes outside Metro Manila, where it expects increased demand amid declining interest rates.
“We will continue to push existing residential offerings, which are mostly outside of Metro Manila,” Filinvest Land President and Chief Executive Officer Tristaneil D. Las Marias said at the company’s annual stockholders’ meeting last week.
“With the recent reduction in interest rates and expected further reductions in interest rates, we expect demand to increase this year,” he added.
FLI revenue from residential real estate rose 6% to P15.39 billion last year as more projects were completed.
The property developer launched 19 residential projects worth P27 billion last year. Reservation sales were steady at P19.4 billion, supported by the 75% growth in the Visayas region.
On April 10, the local central bank slashed the policy rate by 25 basis points to 5.5% and hinted of further rate cuts, which would likely be in “baby steps” or 25-basis point increments.
Mr. Las Marias said the company expects the opening of a Filinvest mall in Clark, Pampanga province by the fourth quarter.
He added that their office business is expected to be stable this year, while the industrial segment would post additional revenue from new locator sign-ups in the next few months.
Last year, Filinvest Land’s attributable net income rose 11% to P4.17 billion, boosted by higher consolidated revenue.
Its portfolio spans homes, townships, mixed-use developments, mid-rise and high-rise condominiums, office buildings, shopping centers and leisure developments.
Filinvest Land shares gained 2.63% or 2 centavos to 78 centavos each on April 25. – Revin Mikhael D. Ochave
