LISTED green builder Arthaland Corporation said it has acquired an 8.1-hectare property in Laguna for P307 million as part of its expansion plans.
In a disclosure to the Philippine Stock Exchange on Wednesday, Arthaland said it acquired a property in Binan, Laguna which measures 8,182 hectares from YCLA Sugar Development Corporation and South Industrial Facilities, Inc.
The company said the transaction will be made through its wholly owned subsidiary Cazneau, Inc.
Arthaland did not disclose the specific plans for the development of the property.
In an earlier interview, Arthaland president Angela de Villa-Lacson said they are in the planning phase for the Laguna project “and we plan to launch it by the second half of next year.”
She said they are looking to acquire more properties in line with their expansion plans amid the sustained growth of the Philippine economy.
Lacson said Arthaland has four more projects in the pipeline but that the company is still in talks with landowners regarding the sites for these projects.
The upcoming projects will be a mix of residential and office developments, she said.
In a separate disclosure on the same day, Arthaland said its board of directors has approved the offer, sale and distribution of up to 30 million Series B preferred shares from the unissued authorized capital stock of the firm, which will be issued by way of a follow-on public offering at the offer price of P100.00 per share.