Filinvest Land, Inc. (FLI), one of the country’s largest real estate developers, reported an increase of 20% in income before income tax for 2022, totaling Php 4.25 billion. Moreover, the company’s consolidated revenues reached Php 19.94 billion, a 12% growth, driven by residential revenues which grew 14% to Php12.84 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.

“We are pleased with the continued growth of our residential business, and we expect to sustain this in 2023. 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,” said Tristan Las Marias, FLI President.

Reservation sales grew by 13% to Php 18 billion as it launched seven new residential projects valued at Php5.9 billion located 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, modern minimalist buildings set amid open spaces and a secure environment. Designed with starter families and healthy living in mind, 60% 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 more than doubled amounting to Php 1.68 billion from Php796 million in 2021. The growth was due to improvement in its malls’ occupancy and 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,” added Las Marias.

Office leasing revenues amounted to Php 4.67 billion, or a slight decline of 3% due to challenges in relation to hybrid work arrangements. Despite the challenges, the company was able to sign new leases for FILRT and Non-FILRT 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 BPO multinational 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 end Feb. 2023. The balance is due for renewal during the remainder of the year.

The co-living space The Crib located in Filinvest Mimosa also welcomed its first guests. The company has also started the construction of ready-built- factory (RBF) buildings in its innovation parks in Ciudad de Calamba (four buildings) and New Clark City (two buildings).

Consolidated net income after tax reached Php3.52 billion, an 18% decline from 2021 which included a one-time tax benefit from the CREATE law. Net income attributable to equity holders of the parent amounted to Php2.89 billion.

FLI total land bank is currently at 2,356 hectares including leased land for development which the company expects to rollout in the next 5 to 10 years depending on absorption. FLI has built townships that can accommodate different land uses such as residential, commercial and industrial, as it aims to create fully integrated and self-sufficient communities. The company will continue to do so to maximize the use and value of its landbank.