Arthaland targets to complete P60-B projects in two years
ARTHALAND Corp. is eyeing to complete P60-billion worth of projects within the next two years as it fills its pipeline with new development projects in Makati City, Cebu City and Biñan, Laguna.
The niche property developer said in a briefing in Taguig City yesterday it is looking to launch at least one high-end residential project within the Makati central business district within the year, along with a high-end residential condominium in Cebu City and upscale apartments in its Sevina Park in Biñan, Laguna.
This would boost the company’s list of projects composed of the Cebu Exchange, Savya Financial Center and Sevina Park and yet-to-be-launched ones in newly acquired properties in Makati City and Cebu Business Park.
“It’s about P60 billion in gross development value. That covers Cebu Exchange, Sevina, Savya, the two Makati projects that are in the pipeline, as well as the Cebu Business Park property,” Arthaland Senior Vice-President for Strategic Funding and Investments Sheryll P. Verano said during the briefing.
Arthaland announced in 2018 it was targeting to increase its projects five times within the next five years, which would raise its gross floor area to a little over 500,000 square meters from 100,000 square meters.
“We are on-track in terms of the growth objectives that we’ve placed on ourselves. We are also on-track in terms of managing the company conservatively. We had said two years ago that we would grow the development portfolio of the company five-fold. We’re there. We got all the projects in the pipeline,” Arthaland Vice-Chairman and President Jaime C. Gonzalez said.
The company reported that in 2019, it was able to hit P10 billion in reservation sales for its Cebu Exchange, Savya Financial Center and Sevina Park projects.
The first phase of Cebu Exchange, an 11-hectare green office building located at the Cebu I.T. Park, is due to be turned over to buyers by the third quarter of the year.
The Savya Financial Center, a twin tower development in Taguig City, is on-track to be completed by 2021.
The Sevina Park, a low-density, mixed-use townhouse complex in Laguna, is seen to drive more demand in the coming months following the opening of the Cavite-Laguna Expressway.
“With the overwhelming positive response towards our green developments in 2019, we are on-track to grow our development portfolio by 5 times by 2024,” Mr. Gonzalez said.
Arthaland was able to record an attributable net income of P647.36 million in the nine months to September, higher from the P75.64 million it saw in the same period in 2018.
Shares in the company at the stock exchange lost 3 centavos or 3.70% to close at P0.78 each on Wednesday. — Denise A. Valdez
Source : https://www.bworldonline.com/arthaland-targets-to-complete-p60-b-projects-in-two-years/
