Arthaland, Mitsui Fudosan unit partner on Makati luxury condo project

LISTED property developer Arthaland Corp. has signed a joint venture agreement (JVA) with its subsidiary Zileya Land Development Corp. (Zileya) and SEAI Metro Manila One, Inc. (SEAIMMO) to develop a condominium project in Makati City.

In a stock exchange disclosure on Tuesday, Arthaland said the JVA and investment agreement cover the development, construction, and sale of a residential condominium along Arnaiz Avenue, Legaspi Village, Makati City.

Under the agreement, SEAIMMO will acquire Arthaland’s rights, title, and interest in 40% of its shareholdings and advances to Zileya, the project company, for P724.83 million.

The amount is subject to the fulfillment of closing conditions specified in the definitive agreements, the company said.

SEAIMMO is a wholly owned subsidiary of Mitsui Fudosan Co., Ltd., a Japanese real estate developer listed on the Tokyo Stock Exchange. — Beatriz Marie D. Cruz