Po-led upscale developer Arthaland Corp. has maintained its issue credit rating of PRS Aa, with a stable outlook, from Philippine Rating Services Corp. (PhilRatings) for its outstanding green bonds amounting to ₱3 billion, due to its growth trajectory.

Obligations rated PRS Aa are of high quality and are subject to very low credit risk. The obligor’s capacity to meet its financial commitment on the obligation is very strong. A stable outlook means the rating is likely to remain unchanged in the next 12 months.

“The rating assigned is in relation to Arthaland’s capacity to pay the rated bonds only and is not an opinion on the project’s adherence to the Association of Southeast Asian Nations (ASEAN) green bonds standards,” PhilRatings said.

The rating and outlook take into account the company’s track record of delivering sustainable and green-certified developments and its ability to compete in its targeted segments, despite the presence of more established competitors.

They also consider Arthaland’s manageable leverage position and that its revenues are on a higher trend than in past years, albeit with recent profitability weighed down by operating and financing costs.

“In recent years, the company sustained a higher revenue trajectory compared to historical levels. Such is seen to continue, supported by upcoming launches in the medium term. The company’s net income is also expected to remain healthy moving forward,” said PhilRatings.

Arthaland is a pioneer developer of premium and sustainable projects and has the unique distinction of being the only real estate developer in the country with a 100-percent certified sustainable residential and commercial portfolio.

All of the company’s projects are multi-certified by both local and global organizations in terms of environmental sustainability.

The company achieved its fivefold growth target for its “high growth stage” during the period 2018 to 2024, reaching a gross floor area (GFA) of approximately 456,019 square meters (sqm).

It is now entering the “next stage” of its three-tier plan, under which it intends to build a steady pipeline of projects, ranging from single and dual towers to multi-phased projects, which will be developed in the long term.

Most of Arthaland’s developments cater to the upscale and luxury market segments. The company, however, strategically diversified into the broader midscale market segment with the launch of Una Apartments in 2022.

With its foray into the midscale market segment, the firm has a more diversified demand base, with the share from midscale developments accounting for 27 percent of total residential revenues in 2024.

The company also launched the third tower of Una Apartments ahead of the original schedule, given the strong demand for the first and second towers.

In September 2025, the company launched Liv, a residential development along Katipunan Avenue in Quezon City, which also caters to the broader middle-market segment. These midscale developments are likewise registered or on track to achieve multiple green certifications.

While midscale developments will be an important driver of Arthaland’s future growth, the company still intends to maintain its position as one of the industry leaders in the core upscale and luxury segments with the recent launch of Sondris, a premium green residential development along Arnaiz Avenue within the central business district (CBD) of Makati City.