PROPERTY developer Filinvest Land Inc. on Thursday reported a 62-percent surge in March reservation sales, helping drive first-quarter earnings growth, as demand for residential projects strengthened across key regional markets.
In a statement, the company said reservation sales climbed to P2.7 billion from about P1.67 billion a year earlier, fueled by double-digit growth in the National Capital Region, Central Luzon and Mindanao.
The strong residential performance contributed to a 6-percent increase in real estate revenues to P3.92 billion in the January-to-March period.
Consolidated revenues for the quarter reached P6.31 billion, resulting in a net income of P1.10 billion.
“Our residential performance in the first quarter proves that our products are aligning perfectly with the evolving needs of Filipino homeowners,” Filinvest Land President and CEO Tristan Las Marias said.
“The record sales we recorded in March reflect the strength of our regional strategy. We are not just building houses; we are creating value in the areas where the Philippine economy is growing fastest,” he added.
The company said demand was driven by buyers seeking community-oriented developments in fast-growing regional hubs, supporting its strategy of expanding outside Metro Manila.
Filinvest Development Corp.’s property arm currently has more than 280 projects nationwide spanning residential communities, condominiums, office developments, mixed-use estates and industrial parks.
Among its flagship developments are Filinvest City, Filinvest New Clark City, Filinvest Mimosa+ Leisure City and Filinvest Innovation Park-Ciudad de Calamba.
The company said it continued to focus on expanding developments in strategic growth centers as it seeks to capitalize on rising housing demand and regional economic expansion.
Filinvest Land shares added P0.01, or 1.39 percent, to close at P0.73 each on Thursday.
NAZYLEN JOY MABANGLO
