Araneta Properties, Sta Lucia expand Bulacan joint venture

MANILA, Philippines — Publicly listed property developers Araneta Properties Inc. and Sta. Lucia Land Inc. (SLI) have renewed their partnership to expand a residential development in Bulacan.

Araneta Properties, in a disclosure to the Philippine Stock Exchange, said a new joint venture agreement was signed with SLI to expand their existing 230-hectare Colinas Verdes project in San Jose del Monte, Bulacan.

Araneta Properties currently has an agreement with SLI to develop the Colinas Verdes project, of which 57 percent has been completed and sold.

Under the new agreement, Araneta Properties would 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.

“We are very confident in the sale of this new expansion area for Colinas Verdes. 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.

Araneta Properties said it has an additional 215 hectares of land in Bulacan and in Ilocos Norte, forming a major part of the Araneta Group’s total land bank of about 600 hectares in Caloocan, Bulacan and Ilocos.

The firm said the group is now in discussions with another major real estate developer to develop a new township in Northern Metro Manila.