Arthaland buys Cebu land parcels worth P2.5B for project use – BusinessWorld Online
LISTED real estate developer Arthaland Corp., through its subsidiary Furusato Land Corp. (FLC), has acquired a 50% interest in 14 land parcels along Banilad Road in Cebu City valued at P2.5 billion for a planned project.
“This transaction will be subject to the ratification of the corporation’s board of directors at its next meeting,” Arthaland said in a regulatory filing on Monday.
Arthaland’s board approved the incorporation of FLC in May. The company also infused P500 million into FLC through a share subscription.
FLC serves as Arthaland’s project vehicle for acquiring property for the planned development. The company has yet to disclose details of the project.
For the first half, Arthaland recorded a 49% drop in net income to P240.1 million as revenue declined by 14% to P2.2 billion.
Arthaland said the revenue decline was due to projects that were either fully sold or nearly sold out during the period. However, the decrease was cushioned by contributions from the Eluria ultra-luxury residential condominium project in Makati and the initial revenue recognition of the second tower of the Una Apartments residential development in Biñan, Laguna.
Eluria is a 31-story project that will feature 37 limited-edition units, with only one to two units on each floor. Arthaland expects to generate P6 billion in sales from the project, with a 300-square-meter unit priced between P150 million and P170 million.
Meanwhile, Una Apartments is a five-tower mid-market residential development inside the 8.1-hectare Sevina Park in Biñan, Laguna.
Sevina Park is a mixed-use community accessible via the Cavite-Laguna Expressway. It is near the De La Salle University-Laguna Campus, hospitals, and several industrial estates.
Arthaland shares rose by 8.43% or P0.035 to 45 centavos apiece on Monday. — Revin Mikhael D. Ochave
