Arthaland on track to complete projects

Arthaland Corp. on Friday said it will be launching two new projects, one in Cebu City and another in Makati City, this year.

Arthaland will launch Lucima, a residential condominium which will be built on a 2,245 square-meter (sq.m.) property close to the Ayala Center Cebu, within the third quarter.

Lucima will offer around 263 residential units and will have a gross floor area of 28,000 sq.m.

The company said the Makati luxury residential development will also be launched in the third quarter. Located in Legazpi Village, it will offer 37 residential units.

“This pioneer residential project in Makati City will be a low-density, multi-certified, ultra-luxury development that will offer large, limited edition designer residences. Once completed, its future residents will enjoy exceptional white glove butler services,” Jaime C. Gonzalez, president of Arthaland, said.

The company said its estimated construction cost for the year is around P4.5 billion.

Mr. Gonzalez said most of its office and residential projects are on track for completion, despite challenges brought by the pandemic.

“While our financial statements for 2020 do not reflect the extent of the work performed by the Arthaland team in completing the plans for these projects, it is nonetheless a substantial achievement for Arthaland because it ensures continuity of the pipeline of new projects,” Mr. Gonzalez.

The company’s profits declined by 21% to P1.17 billion in 2020 from P1.49 billion the previous year. Arthaland recorded a topline of P3.3 billion, 14% lower than the P3.85 billion generated in 2019.

Strict lockdowns last year led to a temporary halt in construction of its projects, which have since resumed.

“We are very proud to report that phase 1 of Cebu Exchange was successfully handed over to buyers on its pre-pandemic delivery date,” Mr. Gonzalez said.

The second phase of the office building is 88% complete as of this month and is expected to be operational by the fourth quarter this year. Arthaland expects to turn over units to buyers by the second quarter of 2022.

Meanwhile, Savya Financial Center’s North Tower is now 48% complete. The company topped off the tower in February and is slated for completion by the fourth quarter. Its South Tower is expected to be completed by the fourth quarter next year. Structural work for its 9th floor is underway.

Arthaland’s Sevina Park in Binan, Laguna is 93% completed. The first batch of Sevina Park Villas are being constructed. The company said it is on track to turnover the first set of units by the fourth quarter.

Shares of Arthaland at the local bourse closed unchanged on Friday at 66 centavos each.