ARANETA Properties, Inc. is increasing the size of its Colinas Verdes project in Bulacan as it entered a new deal with its development partner Sta. Lucia Land, Inc. (SLI).

In a statement, the listed property developer said it signed a new joint venture agreement with SLI last Friday to expand the current 230-hectare coverage of their project in San Jose Del Monte, Bulacan by another 58 hectares.

The expansion is meant to address the “strong market demand” for the project, which is already 57% sold.

“This increases our Colinas Project with Sta. Lucia to almost 300 hectares, and will complement the existing Colinas development as well as our soon to be launched country club and the other areas of development of the Araneta Group in the vicinity,” Araneta Properties Chairman Gregorio Ma. Araneta III said in the statement.

The extension of Colinas Verdes will bring it closer to the Metro Rail Transit Line 7 (MRT-7) that is currently being built, as the added lot will be within a kilometer from Quirino Highway in Caloocan.

“We are very confident in the sale of this new expansion area for Colinas Verdes,” Mr. Araneta added.

Araneta Properties earlier said the government’s groundbreaking for the MRT-7 project has benefited its real estate business as it increased the value of its land that were acquired in previous years.

The MRT-7 project aims to build a 22-kilometer railway system that would link North Avenue in Quezon City to San Jose del Monte in Bulacan through 14 stations. It is scheduled for completion in 2022.

In a regulatory filing, Araneta Properties said it owned a total lot area of 3.5 million square meters valued at P1.26 billion as of end September, where about 3.22 million square meters are located in San Jose Del Monte Bulacan. The remaining 282,963 square meters are in the Northern Luzon area.

Aside from the Colinas Verdes project in Bulacan, Araneta Properties said in its statement it is currently in talks with a “major real estate developer” for a plan to build a new township in Northern Metro Manila. Details of the project were not yet disclosed.

The listed firm posted a net loss of P26.06 million in the first nine months of the year, swinging from last year’s net income of P19.85 million, as its revenues were slashed 43% to P27.59 million.

Shares in Araneta Properties inched up 0.63% to P1.60 each at the close of the stock market on Friday. Shares in SLI also climbed 0.83% to P2.44 each. — Denise A. Valdez