MANILA, Philippines – Filinvest Land, Incorporated (FLI) will expand its portfolio by building its own logistics and industrial parks, as it aims to boost recurring revenues.
In a disclosure on Monday, April 22, the company said the move will "address the growing needs of logistics, light manufacturing, technology, and e-commerce companies looking to support inventory management."
FLI will begin the construction of a 64-hectare logistics and industrial park, as well as a mixed-use development, in New Clark City in 2019. This is more than half of the allotted 120 hectares for the industrial zone in New Clark City.
The groundbreaking for FLI's project is scheduled in May. It is expected to be ready for operations by early 2020.
"FLI believes the industrial park will help to serve companies within the fast-growing logistics industry, particularly in light of the recent trend of Chinese manufacturing companies expanding into the Philippines," the disclosure read.
The company earlier set aside a space for the same market, with its technology park in its Ciudad de Calamba property.
FLI's rental revenues in 2018, which also include sales from malls, grew by 27% to P5.61 billion. In that same year, the recurring income took up 46% of the company's overall net income.
Its parent company, Gotianun-led Filinvest Development Corporation, also plans to expand its hotel portfolio by adding 361 more rooms to its Quest Plus hotel in the Filinvest Mimosa+ township.
FLI has set around P30 to P32 billion in capital expenditures for 2019. Some P13 billion has been set aside for investment properties, while P7 billion will be allotted for land acquisition and the rest for residential and township development. – Rappler.com