ARTHALAND Corp. acquired a 2,245-square meter (sq.m.) property in Cebu City, where it plans to build an upscale residential condominium.

In a statement, ArthaLand said its special purpose company Bhavana Properties, Inc. bought the parcel of land from Union Bank of the Philippines. The property is at the corner of Samar Loop Road and Ayala, Hipodromo, in Cebu Business Park.

ArthaLand said it plans to develop the “first premier, dual certified, sustainable residential condominium in Southern Philippines” on the property.

“We are very optimistic about our prospects in Cebu City following the success of our Cebu Exchange, which is the largest green office building in the Philippines. There exists a growing desire for sustainable and high quality developments in the area which propels us to continuously look for opportunities to expand our presence,” Leo T. Po, executive vice-president and treasurer of ArthaLand, said in a statement. — V.M.P.Galang