Filinvest Land, Inc. (FLI) is one of the leading real estate developers in the Philippines. It is a subsidiary of Filinvest Development Corporation (FDC), which has more than 40 years of experience in real estate development. Founded by Mr. Andrew L. Gotianun, Sr., FDC is the holding company of the Gotianun Family. Originally engaged in the small-scale financing of second hand cars in 1955, the Gotianun Familys business later expanded into consumer finance in partnerships with foreign institutions such as Chase Manhattan Bank, Westinghouse Electric Corporation and Ford Philippines. By the early 1980s, the Gotianun Familys Filinvest Credit Corporation had become one of the leading consumer finance companies in the Philippines in terms of assets, and the Filinvest name had become well-recognized in the Philippines.
The Gotianun Family entered the real estate business in 1967 through the incorporation of Filinvest Realty Corporation, which engaged in the development of residential subdivisions. In 1984, the Gotianun Family consolidated their real estate interests in FDC after divesting their shares in two family-owned banks, Family Bank and Trust Company and the Insular Bank of Asia and America. By 1990, FDC expanded its product line to include the development and sale of low-cost and medium-cost housing units.
FLI was incorporated on November 24, 1989 as Citation Homes, Inc. and changed its name to FLI on July 12, 1993. It began commercial operations in August 1993 after FDC spun off its real estate operations and transferred all related assets and liabilities to FLI in exchange for shares in FLI. FLI was listed on the Philippine Stock Exchange (PSE) on October 25, 1993. FDC remains FLIs largest shareholder, beneficially owning approximately 51% of FLIs outstanding common shares and all of its outstanding preferred shares.
Leader in Affordable Housing Segment FLIs business has historically focused on the development and sale of affordable and middle-market residential lots and housing units to lower and middle-income markets throughout the Philippines. It has developed over 1,800 hectares of land, and provided home sites for over 100,000 families, which makes it one of the largest home providers in the Philippines today. In recent years, FLI has expanded its residential business to include other income segments (high-end) and themed residential projects with a leisure component, such as farm estates and developments anchored by sports and resort clubs.
FLI has substantial experience in developing and introducing new formats to the residential real estate market. The Company intends to be at the forefront of market changes by continually innovating and introducing new project formats to anticipate and meet market demands. Recent innovations include:
(a) Homes situated on small lots designed to be expanded vertically through the addition of a second storey without requiring the occupants to vacate the home while the second storey is being added.
(b) The Entrepreneurial Village or Asenso Village concept which is the result of a collaborative effort with the Government to allow entrepreneurs with small- and medium-size businesses to live and work in a residential development with access to Government agencies that assist small businesses.
FLI is also a pioneer in the development of very large master-planned township developments which provide a convenient mix of commercial, industrial and residential uses.
FLI currently has about 70 projects located in 30 cities and municipalities nationwide. The Company has an extensive network of sales offices, in-house sales agents and independent brokers located throughout the Philippines, as well as accredited brokers in countries and regions with large Overseas Filipino Workers (OFW) and expatriate Filipino populations (such as the Middle East, Japan, Italy, the United Kingdom and the United States). Approximately half of FLIs real estate sales are directly or indirectly derived from Overseas Filipinos (OFs).
FLI has, over the years, accumulated an extensive, well-located, low-cost landbank. As of the end of 2007, FLIs landbank stood at 2, 361 hectares, bulk of which is located just outside Metro Manila in the nearby provinces of Rizal, Bulacan, Batangas, Cavite and Laguna, as well as in growth areas such as Cebu, Davao and General Santos City in South Cotabato province.
Investment Properties Provide Recurring Income Stream
In 2006, FLI acquired three strategic assets: (1) The Festival Supermall, in Filinvest Corporate City (FCC) in Muntinlupa (southern Metro Manila), (2) A 60% stake in Filinvest Asia Corporation which owns half of PBCom Tower within the Makati Central Business District, and (3) A 60% stake in Cyberzone Properties, Inc., developer of office buildings in Northgate Cyberzone, a 10-hectare Business Process Outsourcing (BPO) office park with multinational tenants. Festival Supermall is the largest shopping center in Southern Metro Manila with a gross area of 200,000 square meters. It has over 600 retail stores and outlets, ten cinemas, a 36-lane bowling center and two themed amusement centers. It also has exhibit, trade and music halls which are leased out to events like trade fairs. PBCom Tower is currently the tallest building in the Philippines with 52 floors. It is located at the corner of Ayala Avenue and Herrera Street in Makati City. Filinvest Asia Corporation owns 36,000 square meters of leasable office space in PBCom Tower, which is leased out to about 30 tenants which include multinational companies and BPO firms. Meanwhile, Northgate Cyberzone, the BPO campus within Filinvest Corporate City, currently has eight (8) office buildings with a gross leasable area (GLA) of 71,000 square meters. Four (4) buildings are under construction which will add more than 59,000 square meters of leasable space before the end of 2008. This makes FLI the leader in developing offices with infrastructure to support IT-related and BPO businesses in the growing southern Metro Manila area. By the end of 2008, FLI will have a total BPO office portfolio of 167,000 square meters of GLA, making it one of the top BPO landlords in the Philippines.
20% Stake in Developer of Central Business District in Southern Metro Manila FLI has a 20% stake in Filinvest Alabang, Inc. (FAI), the developer of the 244-hectare Filinvest Corporate City (FCC). Since the start of its development in 1995, FCC has grown to become a major destination in southern Manila that services all segments of the population with a wide array of retail, office and residential developments. The corporate city is home to key anchors such as the Asian Hospital and a fast growing office base in the Northgate Cyberzone. The second busiest transport terminal in Metro Manila is in the immediate vicinity, making FCC a major gateway for commuters going into and out of Metro Manila from the south. The ongoing construction of the extension of the Skyway elevated road to Alabang will significantly enhance the value of FCC and further increase its attractiveness as the location of choice for offices and residential living in the South of Metro Manila.