LISTED property developer Arthaland Corp. said it is nearing a deal to acquire two properties for development over a 10 to 15-year period.
“We’ve made significant gains in steps to close and finalize the acquisition of these properties,” Arthaland Executive Vice-President Christopher G. Narciso said during the company’s annual stockholders’ meeting on Friday last week.
“One is a 3.6-hectare property, which we refer to as Project Olive, situated by the entry of one of the most premium central business districts in Metro Manila; another one is a five-hectare property… situated in the heart of a very prime metro city in Southern Philippines,” he added.
Mr. Narciso also said that Arthaland is in talks to acquire more properties across Metro Manila to boost the company’s project pipeline.
“Apart from these multi-hectare properties, we are also currently negotiating various properties in and around Metro Manila for dual tower projects and single tower projects,” he said.
“We will disclose additional information on these opportunities at the appropriate time,” he added.
Meanwhile, Arthaland Vice-Chairman and President Jaime C. Gonzalez said the company is focusing more on residential projects instead of office projects as it monitors the impact of remote work on office space demand.
“We are focusing on residential projects because we need to understand the full impact of work-from-home and hybrid programs that many companies are implementing, driven mostly by the young employees, as well as the impact of artificial intelligence in what might result in a change in the way work is being performed,” he said.
“Until we fully understand this impact, we are being very careful in implementing projects involving office space,” he added.
For the first quarter, Arthaland’s net income dropped by 13.3% to P123.15 million from P142.08 million a year ago.
Arthaland shares were last traded on June 28, closing at P0.485 per share. — Revin Mikhael D. Ochave