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Richmond Mercurio - The Philippine Star
March 14, 2025 | 12:00am
MANILA, Philippines — Filinvest Land Inc. (FLI) saw its net income attributable to parent rise by 11 percent to P4.17 billion in 2024, driven by the strong performance of its residential and leasing businesses.
Total consolidated revenues and other income grew by eight percent to P24.45 billion due to the growth in booked residential real estate sales and rental revenues.
“Our residential business remains stable as we continue to deliver housing products that meet the needs of Filipino families for affordability, quality and convenience. Our continued success in the housing segment lies in delivering sustainable, value-for-money homes consistent with our mission of building the Filipino dream,” FLI president and CEO Tristan Las Marias said.
FLI’s residential real estate revenues increased by six percent to P15.39 billion last year, driven by higher project completion rates and a growing number of accounts being recognized as revenue.
Reservation sales were steady at P19.4 billion.
In 2024, FLI launched a total of 19 new residential projects with a combined value of P27 billion.
Las Marias said that FLI’s leasing business has also been gaining momentum, with steady growth in both office and retail properties.
“Our malls are attracting new tenants with innovative concepts, while our offices are experiencing a consistent increase in space take-up. We are optimistic about sustaining this growth trajectory for our rental business this year,” he said.
Retail leasing revenues last year rose by 15 percent to P2.54 billion due to increased occupancy rates and improved net effective rents following the rationalization of discounts and concessions.
FLI’s office portfolio, including listed subsidiary Filinvest REIT Corp., meanwhile, achieved P4.81 billion in leasing revenues, up by three percent year-on-year on the back of increases in net effective rent and occupied gross leasable area.
