Araneta Properties buys more land

MANILA, Philippines - Publicly-listed Araneta Properties Inc. has acquired five parcels of land in San Jose del Monte, Bulacan for P277.965 million.

In a disclosure to the Philippine Stock Exchange, Araneta Properties said it acquired the land from BDO Strategic Holdings Inc.

Funding for the acquisition will come from internally-generated funds.

In its website, Araneta Properties said it is committed to the progress of San Jose del Monte and intends to offer more homes and lots.

Araneta Properties is a publicly-listed real estate company with a total of 236 hectares of land involved in a joint venture partnership with Sta. Lucia Real Estate and Development, one of the biggest real estate developers in the country.

Dubbed as one of the best selling real estate developments in 2006, it is currently planning to roll out its expansion for a third phase of residential lots in the same area.

Araneta Properties is preparing a master plan for the development of a 248.11-hectare property in the city. The major components of the master plan consists of upper-middle to high-end residential lots and townhouses complemented by a leisure center, including a country club, a commercial center and university center. Additional components of the plan are a nature park, corporate business center and mass housing.

San Jose del Monte City is the largest city in the province of Bulacan and enjoys a steady population growth rate of five percent annuallyas many people migrate from the Metro to find more affordable homes.