Property developer Arthland Corp. reported Wednesday that it had only spent at the end of June 2.5 percent of the proceeds from the P3 billion it raised from the ASEAN Green Bond it issued in last December.
The green bonds, which carry rates of 8.0000 percent for the five-year maturity and 8.7557!percent for the seven-year paper, form the second tranche of the P6 billion Arthaland shelf registered prior to the lockdown imposed as the height of the pandemic in 2020.
Of the P2.95 billion in net proceeds, Arthaland has only used up P75 million to pay loans and other obligations relating to Arthaland Century Pacific Towers. The company has allotted a total P450 million for this expenditure.
Arthaland Century Pacific is 34,295-square meter office tower in Bonifacio Global City that was completed in 2019.
Yet to be used are the P1.05 billion for two residential projects in Makati with a combined gross floor area of 43,000 square meters and due for completion in 2027; P500 million for the 44,158-square meter residential Project JL due for completion in 2030 and; P1 billion for the 160,750-square meter Midtown mixed-use project in Cebu City whose first phase is scheduled for completion in 2028.
