Arthaland to infuse P18M into Bhavya Properties --[Reported by Umva mag]

LISTED Arthaland Corp. will infuse P18 million in capital into its subsidiary Bhavya Properties, Inc., which is developing the Eluria luxury residential condominium project in Makati.

Arthaland will subscribe to 180,000 Bhavya preferred shares at P100 per share, the listed property developer said in a regulatory filing on Thursday.

The listed company will pay the share subscription in full on Oct. 9.

“Bhavya will leverage the additional equity to fund its working capital requirements while ensuring compliance with all its financial covenants,” Arthaland said.

Eluria is a 31-storey, low-density, ultra-luxury residential condo project in Legazpi Village, Makati that offers large and limited edition designed residences.

Arthaland expects to generate P6 billion in sales value from Eluria. The property will feature 37 units designed by Sydney-based architecture and interior design firm FMB Architects.

Eluria’s amenities include a heated saltwater leisure and lap pool, an indoor children’s playroom, a function hall, a potager garden at the roof deck, and chauffeur shuttle services to select nearby destinations.

Bhavya Properties is 60% owned by Arthaland, while the remaining 40% is held by Singapore-based Narra Investment, which is managed by investment management company Arch Capital Management Co. Ltd.

On Thursday, Arthaland stocks were unchanged at 41 centavos per share. — Revin Mikhael D. Ochave

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