Filinvest reports P4.1-B inventory drawdown, office lease deal

GOTIANUN-LED Filinvest Land, Inc. said it reduced its unsold residential inventory by P4.1 billion in the first quarter (Q1), as the developer pursued asset monetization and balance sheet optimization initiatives.

“By successfully moving P4.1 billion in inventory this quarter, we have strengthened our balance sheet. This disciplined execution allows us to pursue new high-value opportunities with confidence,” Filinvest Land President Tristaneil D. Las Marias said in a statement on Monday.

The company said the strategy focused on optimizing existing assets to improve cash flow generation while reducing carrying costs associated with unsold inventory.

Filinvest Land said P1.7 billion worth of ready-for-occupancy sales contributed to the inventory reduction, while March reservation sales reached P2.7 billion across projects located in key growth corridors.

In its first-quarter financial report, the developer said consolidated revenues rose 4.5% to P6.31 billion, while net income attributable to equity holders increased to P1.1 billion.

Real estate revenues reached P3.92 billion, supported by contributions from projects in Mindanao, Central Luzon, and the National Capital Region (NCR).

Mall revenues increased 17% to P744 million, while portfolio occupancy reached 80%.

The company said foot traffic across its retail assets was supported by the continued ramp-up of Il Corso, an 8-hectare (ha) waterfront retail development within the South Road Properties district in Cebu, which has around 35,000 square meters (sq.m.) of gross leasable area (GLA).

Office leasing revenues reached P1.26 billion, with the company posting a 100% renewal rate for first-quarter lease expiries.

REIT OPERATIONS
Meanwhile, Filinvest REIT Corp. (FILRT) said it signed a new office lease covering nearly 3,500 sq.m. with Gatestone & Co. at Filinvest Three in Alabang, expanding the real estate investment trust’s (REIT) roster of multinational tenants within Northgate Cyberzone.

In a statement, FILRT said Gatestone leased office space across the sixth and seventh floors of the building for its Philippine expansion, with operations scheduled to begin on Jan. 1, 2026.

Founded in 1926, Gatestone provides customer experience and digital transformation services across North America, Latin America, Europe, the Middle East, Africa, and Asia.

The company’s expansion adds to the concentration of multinational occupiers within Northgate Cyberzone, particularly those operating in the information technology (IT), business process outsourcing (BPO), financial services, and shared services sectors.

“We are pleased to welcome Gatestone to our expanding roster of international locators at FILRT’s Northgate Cyberzone. Their decision to establish operations here reinforces our commitment to providing globally competitive, sustainable, and future-ready workspaces that meet international standards,” FILRT President and Chief Executive Officer Maricel Brion-Lirio said.

Filinvest Three is one of 17 office assets under FILRT’s portfolio. The building is accredited by the Philippine Economic Zone Authority (PEZA) and certified under Excellence in Design for Greater Efficiencies (EDGE). It is located within the Northgate Cyberzone information technology park in Filinvest City, Alabang.

“Choosing Northgate Cyberzone for Gatestone’s operational expansion in the Philippines marks an important step in our continued global growth. The strategic location, strong infrastructure, and skilled talent pool align with our operational standards and enable us to deliver world-class service to our customers worldwide,” Gatestone & Co. President John Tilley said.

Meanwhile, Filinvest Land said its industrial segment continued to gain traction following the launch of the 120-ha Filinvest Innovation Park New Clark City in Tarlac in October 2023. — Juliana Chloe A. Gonzales and Alexandria Grace C. Magno