MANILA, Philippines — Listed real estate developer Arthaland Corp. is gearing up for expansion as it pursues the acquisition of more properties in key areas of the country.
Arthaland executive vice president Christopher Narciso said the company is currently negotiating to purchase various properties in and around Metro Manila for its dual tower and single tower projects.
Arthaland last May set up a new company which it will use for the acquisition of new properties.
“In previous years filings, we’ve made mention of our program to acquire two multi-hectare properties that we would be developing in multiphase stages. And in 2023, I’m happy to report that we’ve made significant gains in steps to close and finalize the acquisition of these properties,” Narciso said.
“One is a 3.6-hectare property which we refer to as Project Olive and situated by the entry of one of the most premium central business districts in Metro Manila. Another one is a five-hectare property, which we are also closing soon and this is situated in the heart of very prime metro city in southern Philippines,” he said.
Meanwhile, the company announced that it is injecting P25 million to a wholly owned subsidiary to fund the development of a sustainable mixed-use community in Laguna.
The company said it will subscribe to 6.25 million preferred shares of Cazneau at a subscription price of P4 per share.
Cazneau is a wholly owned subsidiary of Arthaland presently developing Sevina Park, a sustainable mixed-use community that will feature multiple components like designer villas, residential mid-rise buildings, commercial office buildings as well as retail and supplemental amenities.
Arthaland said Cazneau will leverage on the additional equity to fund Sevina Park’s working capital requirements while ensuring compliance with all its financial covenants.
Arthaland is recognized as a developer of premium residential and commercial properties with a 100 percent certified sustainable portfolio.
Committed to transforming the real estate landscape by integrating sustainable practices, fostering healthier communities and contributing to a more inclusive and resilient future, all of the company’s projects are multi-certified by both local and global organizations in terms of environmental sustainability.
Among its completed projects are Arya Residences, Arthaland Century Pacific Tower, Cebu Exchange and Savya Financial Center.