MANILA, Philippines — Araneta Properties Inc. announced Friday it signed a joint venture deal with Sta. Lucia Land to expand the 230-hectare Colinas Verdes project in San Jose Del Monte, Bulacan.
Araneta Properties has an existing agreement with Sta. Lucia Land to develop the Colinas Verdes project, of which 57% of the 230-hectare development has been completed and sold.
In a disclosure to the stock exchange, Araneta Properties said that under the new agreement, it will add another 58 hectares to the existing development “to be able to meet strong market demand for residential lots in the area.”
The expansion area is within a kilometer of the proposed MRT-7 station along Quirino Highway in Caloocan City, the company added.
“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.
Aside from this project with Sta. Lucia Land, Araneta Properties has in its inventory an additional 215 hectares of land in Bulacan and in Ilocos Norte.
As of 2:26 p.m. Friday, shares in Araneta Properties were down 4 centavos or 2.52% to P1.55 each. — Ian Nicolas Cigaral