Sunday, 2 May 2010

Filinvest spending P6.8b for expansion

Jennifer B. Austria
Manila Standard

Filinvest Land Inc., the real estate unit of the Gotianun family, is spending P6.8 billion in capital expenditure this year, nearly double the P3.3 billion spent in 2009, on renewed expectations in the industry.

Filinvest Land president Joseph Yap told reporters following an annual stockholders’ meeting that the company planned to launch 13 new and 23 expansion project with total sales value of P8.6 billion.

“The company plans to launch four new socialized housing projects in Cavite, Batangas and Bulacan, as well as two new affordable housing projects also in Batangas and Cavite,” Yap said.

Yap said Filinvest Land would launch more medium-rise buildings, aside from the ongoing One Oasis Ortigas, Bali Oasis Marcos Highway, One Oasis Cebu, One Oasis Sta. Mesa, Capri Oasis Pasig and Sorrento Oasis Pasig. The buildings are inner city projects with five-storey structures clustered around a central amenity area.

Filinvest Land is also targeting to break ground on its first residential project within the South Road Properties in Cebu, called Citta di Mare. It expects to start land development on the part of a 10.5-hectare area earmarked for a mixed-use development.

Filinvest Land in 2008 signed a joint venture agreement with the Cebu City government to develop 50.6 hectares of land. The agreement includes the development of 40 hectares into residential use and 10.6 hectares into a mixed-use development of the South Road Properties, a 300-hectare reclaimed land project in Cebu.

Meanwhile, Yap said said the company was off to a good start this year as sales take up during the first quarter of the year grew 26 percent to P2.4 billion from P1.9 billion year-on-year.

Filinvest Land is also currently constructing two office buildings in Northgate Cyberzone in Alabang. The first tower, called Vector One, is 14-storey building that will add to close to 18,000 square meters of leasable space before the end of the year. Vector Two,the second tower, will add another 17,900 square meters by 2011.

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