Filinvest Land malls enter ‘high-growth phase’
Filinvest Land Inc. (FLI) saw its mall business post double-digit growth in the first quarter, driven by higher occupancy and stronger consumer activity across its retail portfolio.
In a disclosure on Tuesday, the Gotianun-led property developer said leasing revenues from its mall business rose 17 percent year-on-year to P744 million in the January-to-March period.
Portfolio-wide occupancy also reached 80 percent during the quarter.
FLI said the improved performance reflected rising foot traffic in its lifestyle hubs, particularly in regional malls.
Among its key assets, Il Corso in Cebu recorded a 33-percent jump in foot traffic after the company rolled out targeted asset enhancements.
The company said its mall business was now moving beyond a stabilization phase and entering a “high-growth phase,” supported by curated tenant mixes and community-centric retail concepts.
“The mall business is no longer just a defensive buffer; it is a primary growth engine for the group,” FLI president and CEO Tristan Las Marias said.
“With leasing revenues up 17 percent and occupancy scaling to 80 percent, we are seeing the tangible results of our active asset enhancement strategy,” he said.
FLI said the growth of its mall business helped lift consolidated revenues to P6.31 billion in the first quarter.
Net income reached P1.1 billion during the period, which the company described as a resilient start to the year.
The property developer has been expanding its recurring income portfolio as it seeks to balance its residential business with stable cash-generating assets such as malls, offices and mixed-use developments.
FLI, the property arm of Filinvest Development Corp., has more than 280 projects nationwide spanning residential communities, condominiums, offices, retail centers and industrial parks.
