Listed real estate firm Arthaland Corp. announced that its newly established subsidiary, Furusato Land Corp., has acquired a significant stake in 14 parcels of land in Cebu City.
Formed in May this year to spearhead land acquisitions for future developments, Furusato Land secured a 50 percent interest in the properties located along Banilad Road for a total of P2.5 billion.
To support the acquisition, Arthaland earlier this month subscribed to P500 million worth of Furusato Land’s preferred shares, providing additional funding for the transaction.
Arthaland is primarily engaged in the development of residential, commercial and leisure properties. It is the developer of Arya Residences, ArthaLand Century Pacific Tower, Cebu Exchange, Savya Financial Center, Sevina Park, and Lucima.
-0-
