Tuesday, 19 May 2009

Philippines' Filinvest Land grows 10%

Jenniffer B. Austria
Manila Standard

HIGHER real estate sales and rentals pushed up the net profit of the Gotianun family’s Filinvest Land Inc. to P475 million from P430 million in the first three months of the year, or an increase of 10 percent.

Filinvest Land said in a disclosure to the stock exchange its total revenues amounted to P1.42 billion, 7 percent more than the P1.33 billion generated during the first three months of 2008.

Real estate sales accounted for P948 million, or 66 percent, of total revenues while rental income contributed P311 million, 16 percent more than the P269 million generated last year.

Total residential sales reservations for the first three months of the year reached P1.87 billion, 14 percent more than the P1.64 billion generated in the first quarter of 2008 as demand for the company’s residential housing for the socialized, affordable and middle income markets remained steady.

Filinvest Land’s newest product line, medium-rise buildings, also continued to generate interest from residential buyers.

Medium-rise projects are inner city projects with several five-story buildings clustered around the project’s central amenity area and offer a much-better living environment due to its low-density development compared to high-rise condominium buildings.

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