Arthaland buys QC properties for new condo
Developer Arthaland Corp. bought two properties in Quezon City for P266.11 million to develop a new condominium project in the high-end segment as the middle-income market remains challenging.
In a stock exchange filing on Monday, Arthaland said subsidiary Sotern Land Corp. had purchased a 618-square-meter (sq m) property for P154.5 million and another 625-sq m property for P111.61 million, both in Barangay Loyola Heights.
“Sotern will establish a residential condominium development on the subject properties,” the Po family-led developer noted.
Sotern was launched in 2024, during which Arthaland injected P25 million into its newly created subsidiary for expansion.
Apart from the Quezon City condominium development, Sotern is also pursuing a mixed-use project in Laguna province.
Last week, Arthaland executive vice president Christopher Narciso told reporters they would launch three residential projects this year in Laguna, Makati and Quezon City.
According to Narciso, they would focus on developing projects within the high-end segment, or those worth up to P20 million per unit, since this market remained nearly unaffected by oversupply woes in the capital region.
Real estate investment management firm Colliers Philippines earlier reported that units in the upscale and luxury segments, or those worth P12 million and above, accounted for 5 percent of the 26,300 unsold inventory in Metro Manila last year.
Meanwhile, the lower middle income segment (P3.6 million to P6.99 million) accounted for 35 percent; upper middle income (P7 million to P11.99 million), 25 percent; and affordable (P2.5 million to P3.59 million), 23 percent.
Last week, Arthaland announced it would complete its ultra-luxury development, Eluria, by the fourth quarter of this year.
