jlbet Arthaland injects P18 million into Bhavya

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.

Article continues after this advertisement

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.

FEATURED STORIES BUSINESS National ID gives more Filipinos ‘face value BUSINESS BIZ BUZZ: Unwinding Gogoro … quietly BUSINESS Polvoron maker seeks P500 million capital for expansion

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.

Article continues after this advertisement

READ: Arthaland’s vision for sustainable growth: A blueprint for 2024 and beyond

Article continues after this advertisement

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.

Article continues after this advertisement

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 investment management firm Colliers Philippines reported that office vacancy rate in Metro Manila stood at 18.3 percent as of the first six months of 2024.

Article continues after this advertisement

READ: Arthaland recalibrates as office demand dwindles

Gonzalez noted that they were seeing stronger demand for residential developments, “consistent with the continued economic growth and the fundamental need for housing among Filipinos.”

Apart from Eluria, Arthaland’s other residential developments are Lucima in Cebu City and Una Apartments in Biñan, Laguna province.

The first-semester net income of Arthaland, whose flagship projects include office buildings such as Arthaland Century Pacific Tower and Cebu Exchange, fell by 61 percent to P273.05 million.

Your subscription could not be saved. Please try again. Your subscription has been successful.

Subscribe to our daily newsletter

SIGN ME UP

By providing an email address. I agree to the Terms of Use and acknowledge that I have read the Privacy Policy.

This was due to a one-time gain from the sale of an asset recognized in the second quarter of 2023jlbet, the company’s financial filing showed.

READ NEXT Philippines to import more meat products as low supply foresee... Negros power firm seeks ERC’s go signal to operate EDITORS' PICK Heart Evangelista: Woman to woman, I never had a problem with Pia Wurtzbach Party-list system: What to know ahead of 2025 polls LIVE UPDATES: Tropical Storm Kristine Espenido retracts drug-related allegations vs De Lima WPS: US missile deployment to PH key for combat readiness – US general NBA: Nuggets give Aaron Gordon 4-year, $133M extension MOST READ SC issues TRO vs Comelec resolution on dismissed public officials Tropical Storm Kristine slightly intensifies; Signal No. 2 in 5 areas LIVE UPDATES: Tropical Storm Kristine Green spaces driving growth: How Filinvest City's Park System enhanced its property value View comments

• million
• jlbet
• Arthaland
• P18
• injects