Filinvest Land launches 19 residential projects in 2024

Filinvest Land Inc. reported a consolidated net income attributable to the parent company of P4.17 billion for 2024, an 11% increase from 2023. This growth was driven by higher residential and rental revenues.

Consolidated revenues and other income rose 8% to P24.45 billion, fueled by a 6% increase in booked residential real estate sales and a 9% rise in rental revenues, the company disclosed to the stock exchange.

"Our residential business remained stable, while our leasing business gained momentum, with steady growth in both office and retail properties," said Filinvest Land President and CEO Tristan Las Marias. "We are optimistic about sustaining this growth trajectory for our rental business this year."

Residential real estate revenues increased 6% to P15.39 billion, attributed to higher project completions and increased revenue recognition. The middle-income segment remained the top contributor, accounting for 74% of total residential sales revenues.

Reservation sales remained steady at P19.4 billion, supported by strong performance in the Visayas region, which saw a significant 75% growth. Filinvest Land launched 19 new residential projects in 2024, with a total sales value of P27 billion.

Retail leasing revenues rose 15% to P2.54 billion due to higher occupancy rates and improved net effective rents following the rationalization of discounts and concessions. In 2024, the company opened Filinvest Malls Dumaguete within the Marina Town complex.

Office leasing revenues reached P4.81 billion, a 3% year-on-year increase, driven by higher net effective rents and occupied gross leasable area. Filinvest Land's offices continue to attract diverse tenants, including IT-BPO companies, traditional corporations, government agencies, educational institutions, and medical service providers.

Notably, the Department of Trade and Industry (DTI) signed a lease agreement for the entire Filinvest Buendia Building in Makati. The lease covers 10,668.40 square meters of premium office space across 14 floors, consolidating several DTI units, including the Office of the Secretary and the Consumer Protection Group, into the Grade-A facility.