Arthaland finalizing property purchases
PROPERTY developer Arthaland Corp. is in the process of finalizing the acquisition of two properties for a multi-phase development plan.
Arthaland Executive Vice President and business operations head Christopher Narciso told the company’s annual stockholders last Friday that significant gains had been made in finalizing the acquisition of a 3.6-hectare property in Metro Manila and a 5-hectare parcel of land in southern Philippines.
“Besides these two multi-hectare properties, we are also currently negotiating various properties in and around Metro Manila for dual-tower projects and singletower projects,” he added.
Narciso said the 3.6-hectare property, tagged as Project Olive, is situated in one of the most premium central business districts in Metro Manila, while the second piece of real estate is said to be at the heart of a metropolitan city in the south of the country.
Project Olive is to be developed into a boutique, masterplanned, mixed-use community featuring 12 residential towers. It is envisioned to cater to both the upscale and midscale markets with some retail or commercial segments.
Arthaland is eyeing residential projects and the mid-market segment to take advantage of the demand created by the workfrom-home hybrid program, Vice Chairman and President Jaime Gonzalez said.
He claimed that the firm was seeing strong demand in the mid-market segment.
“Until we fully understand this impact, we are being very careful in implementing projects involving office space. So, for that reason, we’ve got a strong focus on residential projects,” Gonzales added.
“That’s not to say that in the event there’s a special situation in the office area market, then obviously we will carefully assess it and pursue it,” he continued.
“We will continue to pursue both segments aggressively. We’re showing that one can build sustainable buildings and still cater to that particular segment because sustainability is really for all.”
Also last Friday, the company told the stock exchange that it would be subscribing to 6.25 million preferred shares of wholly owned subsidiary Cazneau Inc. at a price of P4.00 per share or for a total amount of P25 million.
The subscription will be issued from the proposed increase of its authorized capital stock by 25 million preferred shares at a par value of P1 each, once approved by the Securities and Exchange Commission.
Cazneau is currently developing Sevina Park, a sustainable mixed-use community.
The company’s board also approved the declaration of cash dividends of P0.012 per share, for a total of about P63.8 million, to be paid on August 9 to shareholders on record as of July 19, 2024. The dividend payments will be sourced from its unrestricted retained earnings as of March 31, 2024.
In addition, the company also told the bourse that it would be delisting 10 million series C preferred shares issued in 2019 “in view of the redemption thereof last June 27, 2024.”
Arthaland shares closed down 1.02 percent to P0.485 each on Friday.