Filinvest Land Inc. (FLI) announced that its net income from January to September 2009 increased by 4 percent to P1.2 billion, from the P1.15 billion reported during the same period last year.

In a disclosure, the firm said total revenues, excluding equity in net earnings, reached P3.62 billion, almost the same as the P3.601 billion realized during the same nine-month period in 2008. Real Estate Sales hit P2.27 billion while Rental Income contributed P885 million, 3 percent more than the P861 million generated last year.

For 2009, FLI’s target is to launch 29 new projects and phases with an estimated sales value of P7.4 billion, across all market segments. In the first nine months, 18 new projects and phases have already been launched, with a sales value of P5.3 billion.

Despite the downturn in the economy, and the effects of the recent Typhoon Ondoy, FLI was able to sustain growth in its sales.

Total residential sales reservations generated in the first nine months of 2009 reached P5.28 billion, 8 percent more than the P4.88 billion generated during the same period last year.

The demand for FLI’s core business of residential mass housing for the socialized, affordable and middle-income markets, remains steady, accounting for about 80 percent of total sales.

Rental income generated from Festival Supermall, PBCom Tower and Northgate Cyberzone in Alabang, contributed 24 percent to total revenues.

The 3 percent 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’s total office building portfolio stood at over 132,000 square meters as of September 2009, with an average take-up rate of 90 percent.

Two buildings, Vector One and Vector Two, with a combined gross leasable area (GLA) of close to 36,000 square meters, are under construction and will come on stream in 2010.