Posted on April 08, 2012 09:36:11 PM [ BusinessWorld Online ]
REAL ESTATE firm ArthaLand Corp. is looking at developing more commercial properties to add to its current condominium project, an official said last week.
“Right now, we are going through our plans and we are also looking at commercial projects, but obviously, it will have to depend on the market,” Jaime C. Gonzalez, ArthaLand chairman, said in an interview last Tuesday.
“There are definitely other properties that Arthaland that will be developing. After all, we cannot stand on one project alone,” Mr. Gonzalez added.
ArthaLand, which was incorporated in 1994, is currently focused on residential developments with its maiden condominium project, the P4.5-billion Arya Residences on McKinley Parkway in Bonifacio Global City.
The 260-unit, 43-storey condominium will feature units for as low as P10 million, and as high as P25 million, according to earlier reports.
Arya Residences is dubbed as the country’s first and only residential high-rise to be accredited with the United States-based Leadership in Energy and Environmental Design, according to the company’s Web site.
Moving forward, ArthaLand said it may consider expanding its project portfolio within and outside Metro Manila.
“We have quite a number of properties being offered to us, but there are no locations yet. So right now, we’re going through the process of determining which project will come first. The property market looks very strong, and we’re getting the support of many banks,” Mr. Gonzalez said.
These plans come amid encouraging pre-sales for the first tower of Arya Residences, which is already nearing completion, ArthaLand claimed.
“The condominium market right now is very strong, so our Tower 1 looks extremely good as well. Market reaction in terms of sales has been very strong so far. We are already on the 39th floor of Tower 1 as of this month, and we are busy completing it,” Mr. Gonzalez said.
ArthaLand was formerly known as the EIB Realty Developers, Inc. A recapitalization program in 2007 allowed Po-owned CPG Holdings, Inc. to come in as a new company investor, allowing ArthaLand to pay off debts.
At present, ArthaLand has investments in the 36-storey Exportbank Plaza (previously Urban Bank Plaza) in Makati City and the 44-storey One McKinley Place in Taguig City.
The company owns properties in Laguna, Batangas, and Tagaytay City, as well as two prime lots within the E-square property, a PEZA (Philippine Economic Zone Authority)-registered district in Bonifacio Global City.
ArthaLand widened its nine-month net loss last year to P341.70 million from P99.75 million in 2010, while revenues surged by 556.93% to P215.08 million from P32.74 million two years ago on the back of real estate sales from Arya Residences. -- Franz Jonathan G. de la Fuente
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