Arthaland sets P8B capex for this year

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    Arthaland Corp. looks to spend P8 billion this year as it prepares to launch projects worth P60 billion also this year.

    Christopher Narciso, Arthaland executive vice president, said the capital expenditure will be used for 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 in 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 and Sevina Park.

    The Cebu Exchange in Cebu IT Park, is the single largest green office building in the Philippines with approximately 11 hectares of gross floor area (GFA). Its phase one is set to be turned over this year.

    The Savya Financial Center is a premium green twin tower office development with a fully integrated retail component located in Arca South, while Sevina Park is a low-density, mixed-use community in Binan, a pioneer for Leadership in Energy and Environmental Design (LEED) Neighborhood Development and LEED Home Certification.

    Jaime González, Arthaland president, said the company is  on track to grow its development portfolio by five times by 2024.

    The company is looking to grow its developed GFA to 500,000 sq.m. by 2024 from the prior year’s 100,000 sq.m.

    Leonardo Po, Arthaland executive vice president, said the company is going back to its roots of developing residential spaces, focusing on what he calls sustainable luxury or residential projects anchored on ecologically-supporting projects and certified by green building organizations like the US Green Building Council’s LEED or that of the Philippine Green Building Council’s Building for Ecologically Responsive Design Excellence (BERDE).

    Arthaland expects to complete the first tranche of its P6 billion green bonds this year, at P3 billion, as the company capitalizes on its sustainable living initiative.

    Sheryll Verano, Arthaland senior vice president for strategic funding and investments, said the company is set to sign the mandate with banks BDO Unibank and ING once the company formally receives its regulatory approval for the bonds.

    The proceeds of the bonds will be used for projects in Arthaland’s eligible green portfolio that focus on change mitigation, promotion of green buildings and environmentally sustainable management of land.