Arthaland Corp. announced on Tuesday that SEAI Metro Manila One, Inc. (SEAIMMO), a wholly owned subsidiary of Mitsui Fudosan (Asia) Pte. Ltd., is set to acquire a 40% interest in Zileya Land Development Corp. for ₱724.83 million.
In a disclosure to the stock exchange, Arthaland said its board has approved a joint venture and investment agreement between its subsidiary Zileya and SEAIMMO.
The partnership will cover the development, construction, and sale of a new residential condominium project located along Arnaiz Avenue in Legaspi Village, Makati City.
Arthaland noted that the acquisition remains subject to the completion of closing conditions outlined in the definitive agreement.
SEAIMMO’s parent company, Mitsui Fudosan Co., Ltd., is among Japan’s largest real estate developers and is publicly listed on the Tokyo Stock Exchange.
Arthaland, known for its boutique and sustainability-focused developments across residential, commercial, and leisure sectors, reported an attributable net income of ₱210.05 million in the first half — a 23% decline from last year — as gross revenues fell 14% to ₱2.21 billion.
Source: bworldonline.com
