ARANETA Properties Inc. is not in a hurry to sell a property in Bulacan until prices in the area go up amid developments in the vicinity.
Araneta Properties Chairman and CEO Gregorio Ma. Araneta 3rd said the publicly listed family corporation is not in hurry to sell housing units at its property located in San Jose Del Monte, Bulacan in order to wait for land prices to appreciate due to the development of nearby properties by other major developers.
“We’ve started to go slow in selling our property because we want to avail of the appreciation,” said Araneta during the company’s recent annual stockholders’ meeting.
He said the new projects being built in the area would add sale value to its Colinas Verde project in San Jose del Monte, Bulacan.
Araneta was referring to new developments in the area, such as the SM City San Jose by SM Prime Holdings and the Altaraza Town Center that is being built with Ayala Land Inc.
“There’s also a mall and a central business district being built by Ayala with us,” said Araneta. “In fact, we have a lot of inventory in the area, but we are holding on to it because the prices will go up once these things become operational.”
Araneta added that the firm plans to acquire more land in the San Jose Del Monte area.
“In San Jose, we are acquiring quite a lot, we have a land bank of over 500 hectares, and we’re building,” he said. “We expect to have a land bank of about 1000 hectares.”