ARTHALAND Corp. said it is spending P30 billion through 2020, as it tries to increase its footprint to 500,000 square meters (sq m) in gross floor area or more than five times its current size.
Leonardo Arthur Po, the company’s treasurer, said of the total spending, P6 billion will be allocated for land acquisition and the rest for project development.
“The company is negotiating for more properties in Makati and southern Metro Manila to beef up Arthaland’s landbank,” he said. Part of the company’s five-year plan is the development of the 90,000 sq m in net saleable area of the 39-story Cebu Exchange office/commercial building in Cebu City, the 30-story Arthaland Century Pacific Tower office development in Bonifacio Global City, and a master-planned community in Laguna that remains on the drawing board.
The company held a bell-ringing ceremony at the Philippine Stock Exchange (PSE) on Tuesday, after raising P2 billion from the issuance of its series B preferred shares.
“The offering was well-received by qualified institutional investors, as well as the general public. The success of the offering further affirms Arthaland’s strong and enduring presence in the realty development industry,” PSE Chairman Jose Pardo said in his welcome remarks.
“We laud Arthaland for building its track record as a pioneer in developing world-class, green projects with its flagship projects —the Arya Residences and ArthaLand Century Pacific Tower in Bonifacio Global City,” Pardo said.
The company said the proceeds of the sale will be used to partially finance the acquisition and development of its real-estate projects, such as its Cebu Exchange project in Cebu, a community project in Binan, Laguna, and a residential project in Makati.