Araneta Properties, Inc. and Sta. Lucia Land signed (JVA) a new Joint-Venture Agreement to expand their existing 230 hectare Colinas Verdes project in San Jose Del Monte, Bulacan last Nov. 29, 2019.
Araneta Properties, Inc. currently has an agreement with Sta. Lucia Land to develop the Colinas Verdes project, of which 57% of the 230 hectare development has been completed and sold. In the new agreement, Araneta Properties will add another 58 hectares to the existing development to be able to meet strong market demand for residential lots in the area. The expansion area is within a kilometre of the proposed MRT-7 station along Quirino Highway in Caloocan.
“We are very confident in the sale of this new expansion area for Colinas Verdes,” said Gregorio Ma. Araneta III, chairman of Araneta Properties. “This increases our Colinas Project with Sta. Lucia to almost 300 hectares, and will complement the existing Colinas development as well as our soon to be launched country club and the other areas of development of the Araneta Group in the vicinity .”
Aside from this project with Sta. Lucia Land, Araneta Properties has in its inventory an additional 215 hectares of land in Bulacan and in Ilocos Norte which is a major part of the Araneta Group’s total land bank of about 600 hectares in Caloocan, Bulacan, and Ilocos. The group is now in discussions with another major real estate developer to develop a new township in Northern Metro Manila.