BY RUELLE ALBERT D. CASTRO
[ Malaya.com.ph ] June 10, 2011
Listed realty developer Arthaland Corp. is planning to launch its first middle-income project within the next 12 months as it expands its portfolio.
The company is busy with its first project, Arya Residences, a two-tower residential tower being developed in Bonifacio Global City.
It is the first and only residential project in Metro Manila to be GOLD registered under the Leadership in Energy and Environmental Design (LEED) standard for environment-friendly developments of the US Green Building Council.
One year since selling started, the project has attracted attention enough to sell half of the first 301 units that comprise the first tower, according to Arthaland assistant investor relations head Ninalyn S. Cordero.
Selling at a starting price of P10 million per unit, offered at one-, two-, and three-bedroom units, the project has attracted high-net-worth buyers, half of whom are end-users and the other half investors, said Cordero.
Arya is set for turnover by 2014.
The company is in discussions with potential partners for joint-venture projects that will beef up Arthaland’s landbank and projects.
Arthaland has a combined one-hectare property in Bonifacio Global City, divided into three separate properties, a 33-hectare property in Tagaytay, and a 500-square-meter property in Davao.
Cordero said the company’s focus is to complete the construction of Arya Residences.
"The launch of the middle-income project will be made if market conditions are appropriate in the next 12 months," said Cordero.
Arthaland recently attracted the attention of food manufacturing group CPG Holdings Inc., which acquired a consolidated 33.5 percent stake.
Arthaland is different from Alpha Land Corp., erroneously identified in a Malaya Business Insight article earlier as the former.
Arthaland is controlled by the Po family through CPG Holdings, Inc., while Alpha Land is led by the group of former finance minister Roberto V. Ongpin.
CPG, known through canned food brands like Century Tuna, 555, Blue Bay, and Argentina meat products, acquired P400 million worth of Arthaland shares held by investment group AO Capital Holdings while infusing an additional P50 million into the company by acquiring 200 million unissued shares at a P0.25 par value for each share.
In total, CPG owns 1.8 billion shares, equivalent to 33.85 percent of Arthaland.
_______________________________________________________________
