Economy · August 5, 2022

FLI home, condominium sales increase in the first half

Filinvest Land Inc. (FLI), the Gotianun-led real estate developer, said sales of its housing and condominium units increased by 30 percent in the first half, with total option sales reaching $ 9.1 billion. of pounds.

“We are happy to see our sales volume increase to pre-pandemic levels and, happier to see sales growth recorded in nearly every province in which we operate. We have invested to build larger distribution channels both locally and overseas to reach more customers and support our expansion activities, and this is paying dividends for us, “said FLI President Tristan Las Marias.

For the first half, the company said it recorded 7% growth in its consolidated revenues and other revenues to P9.1 billion compared to P8.31 billion last year.

Revenue for the first half, however, was still below the £ 9.3 billion the company posted in 2020.

FLI said its residential revenues grew 10% to £ 5.8 billion, while its retail rental revenues grew 53% from last year.

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

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

FLI said the residential revenue growth is due to accelerating construction progress and strong performance from its housing projects in Cavite, Laguna and Rizal and mid-rise condominium projects in Metro Manila and Davao.

Meanwhile, the company attributed the increase in retail rental income to improved occupancy at its shopping centers and the removal of lease concessions.

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

It has also opened expansion phases in its housing and subdivision projects in Pampanga, Rizal and Cavite. FLI said it will roll out around £ 14 billion in new launches and expansion projects for the remainder of the year.

“Our economy is buoyant again and our OFW remittances have never been stronger. We are seeing a strong recovery from all of our business segments and aim to take advantage of our broad geographic presence to capture restless and emerging property demands as businesses further open up in the country, ”said Las Marias.