PROPERTY developer Filinvest Land Inc is allocating P2.1 billion for capital expenditure next year, which will come from the proceeds of its sale of 3.7 billion common shares, the company said.

According to the prospectus for next year's stock offer, Filinvest Land will spend P1.1 billion on land development, P700 million on construction of housing, P200 million on land purchases and P100 million on upgrading rental properties.

Filinvest Land plans a primary offering of up to 3.7 billion unissued common shares and a secondary offering of 1.7 billion outstanding common shares, with 810 million unissued or outstanding common shares for over-allotment.

The dates and price for the domestic and international offerings will be announced next year.

The company has mandated UBS AG to act as financial adviser, sole global coordinator and book runner.

Last month, Filinvest Land's board approved the increase in the company's authorized capital to 41 billion shares, of which 33 billion are common shares with a par value of P1.00 and 8 billion are preferred shares of P0.01.

Filinvest Land closed Friday P0.08 peso or 1.71 percent lower at 1.62, on volume of 36.13 million shares.