Property developer Filinvest Land Inc. said Thursday its net profit grew 28 percent to P1.86 billion in 2008 from P1.45 billion in the year before on the back of strong real estate sales and rental income from offices and mall properties.

The Gotianun-led company posted revenues of P5.27 billion, up 9 percent from P4.77 billion in 2007.

Real estate sales, which accounted for 67 percent of revenues, rose 11 percent to P3.51 billion while rental income grew 11 percent to P1.14 billion.

Despite the economic crisis, Filinvest Land said its residential housing for socialized, middle-income and affordable markets continued to be robust.

It noted total residential sales reservations for full-year 2008 reached a record P6.6 billion, 32 percent higher than the previous year.

A significant portion of the sales reservations were from Filinvest Land's medium rise buildings, its newest product line, which has been very attractive.

The company currently has four medium-rise projects, namely, One Oasis Ortigas, located on Ortigas Ave. Ext. in Pasig and very close to the Ortigas Central Business District; Bali Oasis Marcos Highway, also in Pasig City; One Oasis Davao and One Oasis Cebu. Another one in the pipeline is One Oasis Sta. Mesa in Manila.

In 2008, Filinvest Land launched a total of 25 new projects and phases with an estimated sales value of P6.6 billion.

This year, it is targeting to introduce 29 new projects worth P7.4 billion across all market segements.