Arthaland ramping up property acquisitions

MANILA, Philippines — Listed real estate developer Arthaland Corp. is beefing up its residential portfolio with the acquisition of properties in Makati and Quezon City.

In a stock exchange filing, Arthaland said that subsidiary Zileya Land Development Corp. would acquire the condominium units of ISOC Land Inc. in Mid-Land Mansions for P1.49 billion.

The acquisition includes the undivided interest of said units in the underlying land equivalent to 1,061.47 square meters.

Arthaland said Zileya would establish a residential condominium development on the land where the properties are located.

The company said the purchase price was agreed upon by both parties at a mutually acceptable consideration with due regard to present market values.

Purchase of the properties will be financed through the company’s internal corporate funds.

In a separate disclosure, Arthaland said subsidiary Sotern Land Corp. would also purchase two additional real properties in Quezon City for P747.63 million.

The assets include a 2,491.70-square meter property and another seven-square meter property, both located in Barangay Loyola Heights.

Arthaland said Sotern Land plans to put up a residential condominium development over the properties.

Arthaland is recognized as a developer of premium residential and commercial properties with a 100 percent certified sustainable portfolio.

For this year, the company is planning to launch three new projects, fueled by its optimism in the country’s residential market.