Filinvest Land to spend P13-B for mid-income projects

ABS-CBN News

Posted at Aug 12 2010 07:15 PM | Updated as of Aug 13 2010 03:15 AM

MANILA, Philippines - Encouraged by strong demand for middle-income housing, Filinvest Land Inc. (FLI) will invest P13 billion within 3 to 4 years for 5 projects in this segment, company president Joseph Yap said.

Yap said FLI is expected to generate up to P5 billion in sales from the projects, P2.2 billion of the amount will come on stream this year.

The projects are included in the 14 developments and 18 new phases that the Filinvest Group is launching this year.

"This is 42% higher in terms of launches in 2009," Yap noted.

Yap said they may tap bank loans or issue bonds for financing, although they do not need this at the moment. He said FLI has P7 billion worth of receivables that it can rediscount.

FLI is developing a P5.5-billion mixed-use project in Cebu City called Citta di Mare, and it has launched the second tower of The Linear, a P2-billion residential and commercial hub at the corner of Buendia and SLEx.

FLI is also spending P3.5 billion for Sorrento Oasis, comprised of 8 mid-rise buildings on a 6.3-hectare property along Raymundo Avenue in Ortigas, Pasig City.

Capri Oasis is another FLI project in Pasig. It will consist of 6 buildings offering studio, and one- to three-bedroom units priced at P1.2 million to P4.4 million. Three of the buildings in the P1-billion project will be completed in 2012.