SOCRESOURCES, Inc. real estate subsidiary SOC Land Development Corp. breaks ground for the second phase of its Althea Residences project in Biñan City, Laguna.

In a disclosure to the exchange on Wednesday, SOCResources Chairman Edgardo Puyat-Reyes said the project is “an important aspect in enhancing the company’s shareholder value.”

Phase 2 will be built on a 2.2-hectare property. It will add 132 units to the Althea Residences project, on top of the 229 houses in Phase 1.

It is expected to be completed within eight months, and houses will be slated for turnover to buyers in 12 months.

The company said the residential development is “geared towards providing a safe and secure environment for the discerning Filipino middle class.”

Althea Residences is located near the City Government Center of Biñan and the project is accessible through the South Luzon Expressway via its Mamplasan or Cavite-Laguna Expressway exit.

Officials of SOC Land could not be contacted for further details on the project as of press time.

SOCResources shares at the exchange declined by 2.74% on Wednesday to close at P0.71 from P0.73. — Keren Concepcion G. Valmonte