ARANETA Properties, Inc. is teaming up with Sta. Lucia Land, Inc. (SLI) for a project in Bulacan.
In a disclosure to the stock exchange Wednesday, Araneta Properties said its board of directors has approved the plan to form a joint venture with SLI.
This will involve the development of its 580,154-square meter (sq.m.) property in Barangay Tungkong Mangga, San Jose del Monte, Bulacan.
“The board also delegated to management the determination of the terms and conditions of the joint venture,” the company said.
Araneta Properties’ land bank stood at 3.5 million sq.m. by end-June, valued at about P1.264 billion.
SLI has been ramping up the expansion of its residential and commercial properties. It earlier said it will spend P20 billion for projects in Metro Manila, Bulacan, Rizal, Batangas, Iloilo, Pangasinan, Palawan, Cebu, and Davao.
Araneta Properties suffered a net loss attributable to the parent of P14.24 million in the first half of 2019, against an attributable profit of P13.30 million. This came amid a seven percent increase in gross revenues to P16.31 million.
For its part, SLI more than doubled its attributable profit to P883.74 million in the first semester, on the back of a 70% jump in gross revenues to P3.496 billion.
Shares in Araneta Properties jumped 3.21% or six centavos to close at P1.93 each at the stock exchange on Wednesday, while shares in SLI ended flat at P2.50 apiece. — Arra B. Francia
