Filinvest’s two fixed-rate bonds in the Philippine Dealing Exchange guaranteed funds for office, retail and residential properties expansion.
Filinvest Land, Inc. (FLI) successfully lists bonds anew in the Philippine Deal Exchange (PDEx) with its seven- and 10-year peso fixed-rate bonds. The listing ceremony happened last Aug 20, 2015 with the presence of FLI’s president and CEO Josephine Gotianun-Yap, FLI executives, PDEx president and COO Antonio A. Nakpil, and the board members and staff at the office of PDEx in Makati City, and was stamped by the ringing of the PDEx bell.
The 7-year bonds due 2022 and the 10-year bonds due 2025 listed by FLI resulted to an oversubscription thrice the amount of P5 billion. The company was able to generate P20 billion from the funding tapped from the bond market that will be spent for their office and retail expansion in the next 15 months. “We tap the long term bond market to match our funding sources with our project horizons,” stated Gotianun-Yap.
With the new funding, FLI also plans to triple their office and retail portfolio in the next five years by reaching almost one million square meters of gross leasable area. Another definite plan is acquiring selective lands and developing more residential areas to cater to their core markets. First-time homebuyers and ultimate end-users can expect more medium-rise buildings and housing projects in the near future.
“Majority of our projects serve our core markets and have construction cycles of one year or less for faster revenue recognition and less exposure to construction cost risk,” said Gotianun-Yap.
FLI’s real estate revenues hit P6.6 billion for the first half of 2015 with a target of P16 billion by the end of this year. With more than 10 properties and developments listed, FLI currently owns over 2,400 hectares of land and more than 600,000 square meters of prime office, retail and residential spaces.