MANILA - Property developer Filinvest Land Inc. said on Thursday it will sell up to P5 billion ($102 million) of fixed-rate bonds next month to fund its capital expenditure this year and the next.

"We will issue it next month, maybe mid-October," Joseph Yap, Filinvest president, told reporters, adding the debt sale would range from P3 billion to P5 billion depending on market demand.

The company, a unit of conglomerate Filinvest Development Corp., is spending P4 billion this year on capital requirements and may set aside the same amount for its 2010 expenditure, Yap said.

Filinvest, a builder of low-cost to high-end residential lots and buildings, has submitted to the securities regulator a debt sale plan of P3 billion, with a greenshoe option of P2 billion.