Gotianun-led Filinvest Land Inc. is bucking the economic slowdown with its plan to jack up capital expenditures by over 29% this year.

At the sidelines of company's annual stockholders' meeting on Wednesday, its president Joseph Yap said they are spending P5.3 billion in 2009, up from P4.1 billion in 2008.

In addition to six mid-rise condominiums to be completed this year, Filinvest Land is launching 29 new projects, with an estimated sales value of P7.4 billion.

"We plan to launch more phases in our ongoing mid-rise projects in Ortigas Extension and Marcos Highway in Pasig City, as well as in Davao and Cebu. We will also launch a similar project in a new location in Sta. Mesa, Manila," Yap said.

Also in the pipeline is Filinvest Land's first high-rise building in Makati City called The Linear. The P1.5 billion project will consist of two residential towers and a podium with commercial spaces.

"The project will offer affordable residential condominium units at the periphery of the Makati Central Business District. We are targeting to break ground before the end of the year," noted Yap.

Meanwhile, Yap said two business process outsourcing (BPO) buildings will be completed in the Northgate Cyberzone in Alabang City this year, bringing the company's BPO space portfolio to 168,000 square meters.

Filinvest Land is also finalizing the master plan for the 50.6-hectare South Road Properties in Cebu City which will be developed in four phases over the next 20 years.

Yap reported that their sales reservations during the first two months of the year grew by 13 percent to P1.3 billion.

"We are aready to take advantage of the opportunities as they arise... We believe that the demand for our main business, which is mass housing, will remain strong," he added.

At end-2008, Filinvest Land's net profit amounted to P1.86 billion, a 28 percent rise from the P1.45 billion it made the year before. The growth was driven by a 9 percent jump in revenues to P5.27 billion from P4.77 billion.

Real estate sales accounted for 67 percent of the total revenues with P3.51 billion, an 11 percent growth year-on-year. Rental income likewise grew by 11 percent to P1.14 billion over the same period.

Despite the current global economic crisis, Filinvest Land posted a record P6.6 billion in total residential sales reservations for full year 2008.