Arthaland Corp. said on Tuesday that its wholly owned subsidiary, Zileya Land Development Corp., is acquiring condominium units in the Mid-Land Mansions property from ISOC Land Inc. for a total consideration of P1.49 billion.
The transaction includes not only the condominium units but also their corresponding undivided interest in the land, which come up to 1,061.47 square meters.
Arthaland said the purchase price reflects the current market value of the property, which is located along Arnaiz Avenue in Makati City’s central business district.
Arthaland said the acquisition aligns with Zileya’s plan to redevelop the site into a new residential condominium project—expanding its footprint in the high-demand Makati real estate market.
To finance the acquisition, Zileya will tap internal funds, supplemented by additional capital from Arthaland through a subscription to preferred shares amounting to P765.5 million.
The move is consistent with Arthaland’s broader strategy of investing in premium, sustainable residential developments in prime urban locations.
Shares of Arthaland is down Tuesday by 4.6 percent to P0.415 after closing Monday at P0.435, significantly higher than closing price of P0.40 on June 26.
