LISTED property developer Arthaland Corp. said its unit Sotern Land Corp. had bought land for a residential condominium project in Quezon City.
Sotern Land bought two parcels of land totaling 1,243 square meters (sq.m.) in Barangay Loyola Heights for P266.1 million, Arthaland said in a stock exchange filing on Monday.
The first parcel of land is valued at P154.5 million and spans 618 sq.m., while the second lot is worth P111.6 million and covers 625 sq.m.
“Sotern Land will have a residential condominium development over the subject properties,” Arthaland said.
The land was bought from ASEC Development and Construction Corp. and ASEC Land, Inc., the company said.
“(The) parties agreed on the purchase price at a mutually acceptable consideration with due regard to present market values,” Arthaland said.
Christopher G. Narciso, Arthaland executive vice-president and business operations group head, last week said they seek to launch three mid- to high-end residential projects in Quezon City, Makati City and Laguna province this year.
The company is also about to complete Lucima, its high-end condominium development in Cebu, as well as Eluria in Legazpi Village, Makati.
Arthaland shares were unchanged at p0.315 each. – Revin Mikhael D. Ochave
