Arthaland gains foothold in Arca South
By: Doris Dumlao-Abadilla

SOURCE:
http://business.inquirer.net/225417/arthaland-alco-arca-south

Boutique property developer Arthaland Corp. (ALCO) has gained a foothold in Arca South – the former FTI complex now being developed by Ayala Land into a new central business district – with the purchase of a 4,000-square meter landbank for P1.05 billion.

In a disclosure to the Philippine Stock Exchange on Tuesday, ALCO said it had incorporated Savya Land Development Corp. and subscribed to 499,995 common shares of this company at P100 per share. This subsidiary purchased from Ayala Land two parcels of land in Arca South located in Barangay West Bicutan, Taguig City for a total of P1.05 billion.

The new landbank is a little over 4,000 square meters in size, ALCO treasurer and executive vice president Leonardo Arthur Po said in a phone interview on Tuesday. “We haven’t gone into the details yet but we’re looking at commercial or mixed use project which will break ground by next year,” Po said.

This latest transaction suggests that land value in Arca South is now worth around P250,000 per square meter.

The land purchase in Arca South is part of ALCO’s P30-billion five-year expansion program that seeks to diversify its earnings stream and expand its geographical footprint.

The former FTI complex is now being transformed from a collection of old warehouses into a mixed-use commercial development. Some lots in the 74-hectare complex are offered for sale by Ayala Land to property investors and developers.

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http://business.inquirer.net/225417/arthaland-alco-arca-south