Filinvest Land, Inc. said its mall business continued to strengthen in the first quarter, with leasing revenues climbing 17 percent year-on-year to P744 million as higher tenant occupancy and stronger consumer traffic boosted recurring income.
The property development of the Gotianun Group said occupancy across its mall portfolio reached 80 percent, reflecting improving demand for retail space and the company’s push to reposition its malls as lifestyle and community destinations. The performance underscores FLI’s broader strategy of expanding stable, recurring income streams amid a still-challenging property market.
Regional flagship malls led the growth, particularly Il Corso in Cebu, which posted a 33 percent increase in foot traffic after targeted asset enhancements and tenant mix improvements. The company said these upgrades helped accelerate the transition of its mall segment from a stabilization phase into a stronger expansion cycle.
“The mall business is no longer just a defensive buffer; it is a primary growth engine for the group,” said Tristan Las Marias, president of FLI. “With leasing revenues up 17 percent and occupancy scaling to 80 percent, we are seeing the tangible results of our active asset enhancement strategy.”
FLI said the stronger mall operations contributed significantly to consolidated revenues of P6.31 billion in the first quarter. Net income reached P1.10 billion, supported by stable cash flows from its diversified portfolio of residential, office, retail, and industrial developments.
The company, the property arm of Filinvest Development Corp., has more than 280 projects nationwide spanning residential communities, condominiums, office buildings, mixed-use estates, and industrial parks.
