MANILA - Property developer Filinvest Land Inc. (FLI) reported a net income of P1.150 billion for the first 9 months of the year, a 4% rise from last year's P1.150 billion.

The Gotianun-led firm posted revenues of P3.617 billion during the 9-month, slightly higher than the P3.601 billion recorded in the same period last year. Of the amount, P2.269 billion accounted for real estate sales, while rental income contributed P885 million.

Despite the economic crisis and the effects of recent storms, FLI said its residential sales continued to be robust. It noted that total residential sales reservations grew 8% to P5.28 billion as of end-September from last year's P4.88 billion.

"FLI's newest product line, medium rise buildings (MRB), continues to sustain strong buyers' interest. MRB projects are inner city projects with several 5 storey buildings clustered around the project's central amenity area," FLI said.

FLI currently has 4 MRB projects, namely: One Oasis Ortigas, Bali Oasis Marcos Highway, One Oasis Davao, and One Oasis Cebu. The company is planning to add one project in Sta. Mesa, Manila and 2 more in Pasig City.

Meanwhile, rental income generated from Festival Supermall, PBCom Tower and Northgate Cyberzone in Alabang contributed 24% to total revenues.

"The 3% year-on-year growth is attributed to higher lease rates on renewed leases and the contribution of iHub 1 and iHub 2 which came on stream during the second half of 2008," FLI said.

FLI is planning to launch a total of 29 new projects with an estimated sales value of P7.4 billion. As of end-September, 18 projects valued at P5.3 billion have already been launched.