Boutique property developer Arthaland Corp. said Monday it plans to raise P3 billion from the issuance of ASEAN Green Bonds.
Arthaland said in a disclosure to the stock exchange its board of directors approved the issuance of the remaining P3-billion bonds from its P6-billion bond shelf registration program.
It did not provide other details for the bond offering including the timetable and the use of proceeds.
ASEAN Green Bonds are financing instruments whose proceeds will be exclusively used to fund or refinance new or existing projects that should provide clear environmental benefits.
Among the eligible green projects are those involving renewable energy, energy efficiency, pollution prevention and control, environmentally sustainable management of living natural resources and land use, clean transportation, climate change adaptation and green buildings.
The Securities and Exchange Commission approved Arthaland’s shelf registration for ASEAN Green Bonds worth P6 billion in 2019.
The company issued in 2020 the initial tranche of P3 billion which was used to fund two green projects―Arthaland Century Pacific Tower and Savya Financial Center.
The bonds were listed on the Philippine Dealing & Exchange Corp.
Arthaland Corp. earlier said it planned to launch two residential projects in 2022 as part of the plan to grow its portfolio by five times in five years.
Arthaland president Jaime Gonzalez said the company would launch a sustainable luxury residential development in Makati called Eluria.
Eluria, located in Legazpi Village, will be Arthaland’s pioneer development in the major central business district.
The project is an ultra-low density building with only 37 residential units at a maximum of two apartments per floor. The company will design the elevator cabins to open into residents’ personal lobbies to provide utmost security and privacy.