Arthaland sees Arya Residences sustaining strong profit growth

MANILA, Philippines - Upscale developer Arthaland Corp. expects robust sales of its flagship project Arya Residences to continue to drive profit growth this year.

Looking forward, the firm will venture into new projects in Metro Manila to arrest a possible sales slowdown next year, the company top official said.

The first tower of the P4.5-billion Arya Residences in Bonifacio Global City in Taguig is already 90 percent sold while takeup for the second tower is already at 50 percent, said Arthaland president and CEO Angela de Villa Lacson.

Arthaland will complete the construction of the first tower late this year, allowing the company to recognize more revenues and income, she said.

In the first quarter, profits of Arthaland surged more than 2,000 percent to P105.34 million from P4.91 million a year ago given the higher recognized revenues.

For the entire year, Lacson said net income “will certainly follow the trend [in the first quarter] given the strong take-up of projects.”

Turnover of the first tower will start in the first quarter next year while the 43-story second tower will be delivered to buyers in the first quarter of 2016. Tower 1 is composed of 301 units while Tower 2 offers 261 units.

However, the property firm expects revenues to ease starting next year as Arya Residences is already close to being sold out.

Lacson said Arthaland is planning at least two projects in Metro Manila.

In 2011, CPG Holdings Inc., the Po family’s holding firm, bought one-third of Arthaland for P450 million. CPG Holdings is wholly-owned by Century Canning Corp. under the Century Pacific Group, makers of leading tuna brand Century Tuna, 555 and Blue Bay canned products.

Arthaland was incorporated as EIB Realty Developers Inc. in 1994 to engage in property development of residential, commercial, leisure and industrial projects. It is into niche and boutique developments, beginning with its land investments in Taguig.