Arthaland Corp. yesterday announced that its unit, Furusato Land Corp., acquired a 50 percent interest in 14 parcels of land along Banilad Road in Cebu City. The properties were acquired for P2.5 billion, the company told the Philippine Stock Exchange (PSE).
“This transaction will be subject to the ratification of the corporation’s Board of Directors during its next meeting,” the company said in its disclosure.
The company remained mum on the size of the 14 properties or the plan for their development. It said it will apprise the market of additional details as these become available.
The announcement of the Cebu property acquisition follows Arthaland’s pronouncement in March to expand its offerings in the P10 million and up residential property market.
Christopher Narciso, Arthaland business operations group head, said the company has lined up three projects that will rise in Makati, Quezon City, and Laguna.
“We will continue to maintain our presence,” Narciso said. “We’ll be launching a high-end residential tower in Makati.”
In March, Arthaland announced that its its latest high-end Makati project, Eluria, would be completed by year-end.
Arthaland packages Eluria as an “ultra-luxury” project that could very well generate P6 billion in sales.
The project offers 37 wide-spaced limited edition units, for the 31-story, single tower, residential project, with a 300-square meter unit priced between P150 million to P170 million, according to Oliver Chan, Arthaland senior vice president and chief sustainability officer.
Each floor is designed to have a maximum of two units for a low-density, multi-certified residential condominium.
Chan said Eluria has attracted “an excellent response from the market.” Narciso, meanwhile, observed that the project’s value had already grown by 25 percent since it was introduced into the market in 2023, with Arthaland setting four price adjustments to date.
