Filinvest Land, Inc. (FLI), one of the country’s largest property developers saw its residential revenue increase 76% in the 2nd quarter of 2021 compared to the same period last year from P1.46 billion to P2.57 billion which signals the recovery of the residential business and further confirms that demand for the company’s affordable and mid-income housing products remains resilient with its smart-value Futura by Filinvest brand for the affordable segment and its lifestyle Aspire by Filinvest brand for the mid-income segment.

The 2nd quarter residential revenues are also 4% higher than the 1st quarter residential revenues of P2.46 billion, reflecting an increasing trend in 2021. FLI launched P3.4billion worth of residential projects in the 2nd quarter. Filinvest Land has a P30 billion pipeline of residential projects prepared for launching as market conditions further improve.

FLI is looking to expand to new areas across the country such as Bataan, Naga, Dagupan and General Santos. 

“Improvements in construction completion this year allowed for greater recognition of revenues compared to last year’s ECQ period. Our focus on first time homeowners and the ultimate end users market allowed us to recover from last year’s challenging environment in the residential sector. Our brands, Aspire and Futura, provide a whole range of housing products addressing budget constraints and lifestyle preferences hence we are able to address the different needs of our homebuyers. This is our reason for being, to help build the Filipino dream,” Josephine Gotianun Yap, FLI President and Chief Executive Officer said.

Net income attributable to equity holders rose 14% in the second quarter at Php 1.09 billion from Php 952 million last year.

Capex spent for the first half of 2021 amounted to Php 5.78 billion with 60% going to residential developments, 26% to office developments and the balance to retail, innovation/ logistics parks and land acquisition.