FLI pumps P1.86B into residential and retail growth
GOTIANUN-LED property developer Filinvest Land, Inc. (FLI) has reinvested P1.86 billion in its residential and retail projects, with a focus on regional properties.
In a disclosure to the stock exchange on Monday, FLI said the reinvestment covers 10 key projects across Metro Manila, Luzon, and Mindanao.
This includes P309.4 million for the Mimosa Lifestyle Mall and Filinvest Shoppes Mimosa in Pampanga, P270 million for its mid-rise residential property Futura Monte Naga in Camarines Sur, and P206.6 million for its mid-rise tower Futura Bay Gensan in General Santos City.
FLI also allocated funds for Futura One Fora Dagupan in Pangasinan (P137 million), Futura Vinta Zamboanga (P84.7 million), and 8 Spatial Davao (P107.1 million).
In Metro Manila, P267 million was allocated to Studio N and P161.7 million to Futura Centro.
The funds come from the P1.86 billion raised from the buyback of FLI shares last year, following the conversion of 597.12 million common shares of Filinvest REIT Corp. (FILRT).
“These investments reflect our strategy to bring quality developments closer to emerging urban centers while driving inclusive growth,” FLI Executive Vice-President and Chief Financial Officer Ana Venus A. Mejia said.
“By focusing on key regional hubs, we aim to create vibrant communities that support economic activity and improve quality of life,” she added.
The total amount forms part of the P1.86 billion raised from the share buyback last year, excluding taxes and transaction costs.
FLI, the real estate arm of the Filinvest group, has housing projects across the socialized, affordable, middle-income, and high-end segments.
The company posted a 5% increase in its nine-month net income to P3.64 billion, while revenues grew 9% to P20.08 billion amid strong residential demand and stable leasing.
At the local bourse on Monday, FLI shares rose 1.32%, or one centavo, to close at 77 centavos each. — Beatriz Marie D. Cruz
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