Filinvest Land Inc., the property development arm of the Gotianun group, reported net income falling 24 percent last year to P2.89 billion from P3.8 billion in 2021, which included a one-time tax benefit from the CREATE Law.
Consolidated revenues reached P19.94 billion, up 18 percent from last year’s P16.86 billion.
Residential revenues grew 14 percent to P12.84 billion due to accelerated construction progress and strong performance of its housing projects in Cavite, Laguna and Rizal, and its medium-rise condo projects in Metro Manila and Davao.
“Our efforts to boost our international and local sales networks, as well as our investments on digital and online platforms have proven effective. We continue to focus on addressing the needs of our homebuyers.”
Company president Tristan Las Marias
Reservation sales grew 13 percent to P18 billion as it launched seven new residential projects valued at P5.9 billion in Teresa in Rizal, San Rafael in Bulacan, Cavite, Pampanga and Metro Manila. It also launched its first project in Naga, Camarines Sur.
Futura Monte Naga is a master-planned condo community offering four mid-rise buildings. Some 60 percent of the property is dedicated to breathable open spaces and amenities, making it an ideal community for those who value a balanced lifestyle.
The company’s mall rental revenues, meanwhile, more than doubled to P1.68 billion from P796 million in 2021, due to improvement in occupancy, foot traffic, as well as the removal of rental concessions.
“We anticipate continued growth in mall rental revenues going forward with the improved shopper traffic,” Las Marias said.
Office leasing revenues declined 3 percent to P4.67 billion due to challenges related to hybrid work arrangements. Nevertheless, the company was able to sign new leases on office buildings totaling 19,670 square meters and renewed 28,370 square meters or 90 percent of expiring leases in 2022.
This year, new letters of intent were signed by traditional and business process outsourcing companies to lease almost 17,000 square meters of office space and more than 18,400 square meters or 33 percent of the lease expiries for the year 2023 have already been renewed as of February.
The balance is due for renewal the remainder of the year.
