The Securities and Exchange Commission has allowed Arthaland Corp.’s shelf registration of P6 billion worth of Asean Green Bonds.
The issuance will be in two tranches, starting with an initial tranche of P2 billion with an oversubscription of P1 billion fixed rate Asean Green Bonds due 2025 with an interest rate of 6.3517 percent per annum that will be listed in the Philippine Dealing and Exchange Corp.
The remaining P3 billion will be under shelf registration.
Christopher Narciso, Arthaland executive vice president, said the amount will be used to finance the company’s current projects as well as the soon-to-be-launched high-end green residential condominium in Cebu City; a green luxury residential condominium in Makati central business district and upscale apartments in Sevina Park n Binan, Laguna.
The new projects will complement the company’s current projects which as of last year helped the company to post P10 billion in reservation sales, just for its three developments currently undergoing construction – the Cebu Exchange, Savya Financial Center in Taguig, and Sevina Park.
Arthaland said it is willing to spend P8 billion this year as it prepares to launch projects, worth P60 billion.
Jaime González, Arthaland’s president, said the company is on track to grow its development portfolio by five times by 2024 as it aims to grow its developed gross floor area to 500,000 square meters (sq.m.) by 2024 from the prior year’s 100,000 sq.m.
