Strong demand for housing in the provinces outside of Metro Manila helped Filinvest Land reach residential revenue growth of nine percent during the first quarter. Additionally, sales to OFWs are recovering and the developer will tap into this market further.
“We are pleased with the continued growth of our residential revenues, and we expect to sustain this momentum as the economy, both here and abroad, continues to open. Our OFWs are starting to gain traction once again. We plan to boost our international sales network further and improve our digital and online platforms to reach out to more OFW markets abroad,” Filinvest Land President Tristan Las Marias was quoted as saying by BusinessWorld. “Filinvest Land will continue accelerating construction completions and rolling out projects in emerging markets with large unserved housing demand. We anticipate an improvement in rental revenues going forward now that the traffic has improved in malls and rental concessions will be reduced.”
According to the firm, there is strong demand for housing products in Laguna, Cavite, Rizal, Bulacan and Pampanga with these areas selected for future project launches.
Related: Filinvest sees reasons to cheerful ahead of the holiday season
Filinvest searches for new opportunities
The COVID-19 pandemic has forced Philippine developers to rethink what they are doing, adjust to the market and explore new opportunities. One of the main takeaways for Filinvest during this time has been the need to increase its agility so it is ready to act when an opportunity arises.
“Our business plans have taken a shorter and more agile approach in anticipation of possible curve falls,” Filinvest President and Chief Executive Officer Josephine Gotianun-Yap stated. “While we have been more selective in new property launches, we have accelerated the new facet of our business on environmentally sustainable investments.”
Filinvest recently announced that it was currently constructing solar rooftop projects for major industrial clients in the Philippines under its energy subsidiary FDC Utilities Inc. The developer has plans to expand these efforts moving forward.
“We definitely are pursuing renewable energy projects. We have about 56 megawatts (MW) of renewable energy projects that we are running after,” Gotianun-Yap during the during the Economic Journalists Association of the Philippines’ midyear economic forum.