Filinvest allots P4.5-B budget for property projects this year

The Filinvest group of companies will spend P4.5 billion for its various residential, leisure and office projects this year, its top official said yesterday. Josephine G. Yap, Filinvest Development Corp. president, said the capital expenditure would come from internally generated funds and development loans from financial institutions. "It is our policy to improve return on equity. We also balance the capex [capital expenditure] requirement and medium-term development," she told reporters yesterday on the sidelines of the firm’s annual stockholders meeting in Alabang. Filinvest Alabang, Inc. will receive the bulk at P2.5 billion. It will spend P1 billion for three IT buildings at the Northgate Cyberzone, increasing Cyberzone Properties, Inc.’s (CPI) leasing portfolio to 71,000 square meters from 40,000 square meters. "To address the pressing demand for IT offices, CPI started constructing, Plaz@A, a six-storey building with a leasable area of 11,000 square meter in the fourth quarter of 2005. Scheduled for completion in June 2006, Plaz@A has been fully taken up by two major call center players even prior to completion," said Fely. T. Ramos, Filinvest Land first vice-president. The rest will be used for residential developments with projects that cater to different market segments and construction of the second phase of South Station retail development which will add a total gross leasable area of almost 5,000 square meters and more than 500 bargain center spaces. Filinvest Alabang is the property development unit of Filinvest Development Corp. responsible for the master development plan, land and infrastructure development, financing, and marketing of Filinvest Corporate City. Filinvest Land was allocated P1.5 billion as it expands its presence outside Manila specifically in regional growth areas. Holding company Filinvest Development will spend P500 million for its 12-hectare beach resort project in Mactan named Seascapes Resort Town. Formerly known as Samanea Seaside Resort Town, Seascapes is designed to a premier seaside residential resort in Cebu, offering private villas casitas, condominium units and a beach club. Filinvest Land is one of the country’s leading full-range residential property developer in the country today. It is engaged in the development and sale of residential property, primarily housing units and subdivision lots. Its real estate business addresses a broad market segment with a variety of products. It taps the low-income to high end residential markets with its socialized housing units, other low-income or affordable housing units, middle-income housing units, upper-end residential subdivision lots and housing units such as townhouses. - Ruby Anne M. Rubio / Business World