Arthaland, Mitsui team up for Makati condo project

MANILA, Philippines — Listed real estate developer Arthaland Corp. is teaming up with a subsidiary of a Japanese real estate company to develop a residential project in Makati.

In a stock exchange filing, Arthaland said that a joint venture agreement and investment agreement were signed among the company, its subsidiary Zileya Land Development Corp. and SEAI Metro Manila One Inc. (SEAIMMO) for the development, construction and sale of the condominium project located in Arnaiz Avenue, Legaspi Village.

SEAIMMO agreed to acquire Arthaland’s rights, title and interest in and to 40 percent of its shareholdings in and advances to Zileya, as the project company, for P724.83 million, subject to the fulfillment of the closing conditions.

SEAIMMO is a wholly owned subsidiary of Mitsui Fudosan (Asia) Pte. Ltd., a company incorporated and based in Singapore.

Its ultimate parent company is Mitsui Fudosan Co. Ltd., a Japan-based company that is listed in the Tokyo Stock Exchange.

Arthaland is recognized as a developer of premium residential and commercial properties with a 100 percent certified sustainable portfolio.

Fueled by its optimism in the country’s residential market, the company earlier said that it is planning to launch three new projects this year.

The three new residential developments are located in Laguna, Makati and Quezon City.

Further, Arthaland intends to complete this year a high-end residential project in Cebu as well as its ultra-luxury project called Eluria in Legazpi Village, Makati.

Eluria is a low-density, multi-certified residential condominium with only one to two units per floor and a total of 37 purposely built limited edition residences.