Arthaland Century Pacific Tower Facade | PHOTO: Official website of Arthaland / arthaland.com Arthaland Corp. will inject an additional P18 million into one of its businesses to fund the development of a residential project in Makati City as it sees heightened demand for the segment.
Arthaland on Thursday said the capital infusion would be done via its subscription to 180,000 of the unissued preferred shares of Bhavya Properties Inc. for P100 each. The Po family-led developer currently owns 60 percent of Bhavya after it sold in 2021 a 40-percent stake to Singapore-based Narra Investment Properties Pte.
Ltd. The additional capital will be used to develop Bhavya’s 32-story Eluria condominium complex in Makati that is described as a “low-density, multi-certified, ultra-luxury development.” “Once completed, its future residents will enjoy exceptional white glove butler services,” the company said in a stock exchange filing.
READ: Arthaland’s vision for sustainable growth: A blueprint for 2024 and beyond This follows Arthaland’s earlier investment of P45 million into Bhavya after buying 450,000 of the latter’s preferred shares in March. It was also meant to help fund Eluria, which broke ground last year. In June, Arthaland vice chair and president Jaime Gonzalez said they would shift their focus toward residential projects due to the apparent decline in office space occupancy as more companies favored remote work arrangements post-pandemic.
Earlier, real estate inv.