FILINVEST Land, Inc. (FLI) has broken ground for the second phase of its mass housing project in Cavite, amid strong demand from overseas Filipino workers (OFWs).
In a statement issued Tuesday, the Gotianun-led property developer said it has started the development of Phase 2 of Meridian Place in General Trias, Cavite.
“The ground breaking for Phase 2 is an affirmation of our clients’ support for this project. We are also proud that we are able to serve the increasing demand for quality homes that are easy on the pocket,” Reynaldo A. Ascaño, Filinvest senior vice-president for the South West North Luzon cluster, was quoted as saying in a statement.
The entire development offers a total of 1,310 house-and-lot units, which each unit priced between P900,000 and P1.3 million. The company said it has already sold 80% of the units from Phase 1, and 14% of units from Phase 2.
Homebuyers can choose from three model units from Meridian Place, namely Bernice, Caroline, and Danessa. Floor areas range from 27 to 37 square meters (sq.m.), standing on lots that span 60 to 75 sq.m.
Amenities include a swimming pool, clubhouse, basketball court, children’s playground, outdoor events lawn, and a park lane. The company has launched the amenities area of the Meridian Place alongside the development of the second phase.
FLI looks to complete the second phase by 2019. It is currently turning over units from the first phase.
The company is banking on the large demand for housing units in the country, citing government estimates that an average of 345,941 units are required every year from 2012 to 2030. Of this, 42% account for economic housing, while 10% are from low cost housing.
FLI is targeting the OFW market with its projects. “We also hope to cater to OFWs. They remain as one of the main driving forces of the property industry with more than 60% of remittances go to real-estate investments,” Mr. Ascaño said.
FLI saw a 7% uptick in earnings in the first nine months of 2017 to P3.7 billion, following a 7% increase in revenues to P14.52 billion during the period. This was boosted by higher rental revenues as new office and retail buildings started contributing to the company’s top-line.
Shares in FLI gained a centavo or 0.55% to finish at P1.84 each at the stock exchange on Tuesday. — Arra B. Francia