Filinvest Land allots ₱16 billion in capital expenditures for 2021, to enter REIT market this year

Filinvest Land Inc. (FLI), the property arm of Gotianun Group, is allocating ₱16 billion in capital expenditures for 2021 with ₱6.4 billion for residential developments, ₱5.8 billion for office developments, and ₱3.8 billion for retail, logistics, innovation parks, and land acquisitions.

Yesterday at their company’s annual stockholders meeting, FLI president and CEO Josephine Gotianun Yap stated: “In 2021, we are moving forward and embarking on new initiatives such as logistics and e-commerce warehouses, and co-living spaces. These initiatives address new trends that will define our future and will widen the base of our investment properties for recurring income.” (via PhilStar)

The company is also planning its entry into the Real Estate Investment Trust (REIT) market to monetize investment assets as they mature and provide funding to fuel future growth through its subsidiary Cyberzone Properties Inc. (CPI).

The maiden REIT offering slated this year is expected to carry a portfolio of over 300,000 square meters of gross leasable area, most of which is strategically located in Filinvest City, a 244-hectare central business district in Alabang that boasts LEEDv4 Gold Certification for Neighborhood Development.

Proceeds from the REIT offering will enable the company to fund the completion of both its ongoing and planned office projects, as well as the further development of its logistics and innovation parks.

For its residential developments, FLI currently has a ₱30 billion pipeline of projects and is looking to expand to Bataan, Naga, Dagupan, and General Santos.

The company reported a net income of ₱3.73 billion last year, down 41% from the year prior.

SOURCE: PhilStar