ARTHALAND Corp. has subscribed to P12.5 million worth of shares in its newly incorporated joint venture firm with Japanese partner Mitsubishi Estate Co., Ltd.
In a disclosure to the stock exchange on Tuesday, the niche property developer said it incorporated Kashtha Holdings, Inc., after which it subscribed to 12.5 million shares worth P1 each.
Arthaland earlier disclosed that its joint venture with Mitsubishi Estate will be buying a 40% stake in its unit Savya Land Development Corp. (SLDC), which in turn is developing Savya Financial Center in Taguig City together with Arcosouth Development, Inc.
This means that Kashtha Holdings will have a 50% stake in SLDC.
SLDC is currently developing Savya Financial Center, a two-tower office development standing on a 5,991-square meter lot in Arca South, Western Bicutan, Taguig City.
Launched last March, the project will have a gross floor area of 59,856 sq.m with a total of 18 floors each. It will offer 332 units sized from 86 to 4,264 sq.m., while also having access to 700 parking slots.
Savya Financial Center will also house 12 units for retail tenants covering a total of 1,545 sq.m. Amenities include a landscaped bridgeway deck garden and a signature lobby.
The building has been designed with sustainable features in mind, including energy efficient air-conditioning system, material recovery facility, efficient waste management system, and dedicated low-emitting fuel efficient vehicle parking provisions.
It has been registered for dual certification in the US Green Building Council’s Leadership in Energy and Environmental Design (LEED) and the Philippine Green Building Council’s Building for Ecologically Responsive Design Excellence (BERDE).
Units are scheduled to be turned over by December 2023.
In an earlier statement, Arthaland said it will take the lead in managing the property’s operations, while Mitsubishi Estate will help improve the project’s value by providing expertise.
Arthaland’s net income attributable to the parent grew 12-fold to P446.29 million in the first half of 2019, against earnings of P34.55 million in the same period a year ago. This came after gross revenues climbed to P1.08 billion in the same period, from only P210.78 million in the first semester of 2018.
Shares in Arthaland jumped 4.82% or four centavos to close at 86 centavos each at the stock exchange on Tuesday. — Arra B. Francia