THE Philippine Competition Commission (PCC) has approved the acquisition by Furusato Land Corp., a subsidiary of listed property developer Arthaland Corp., of a 50 percent stake in 14 parcels of land along Banilad Road, Cebu City.
In its review, the antitrust body said the transaction does not raise competition concerns, citing the presence of other major and local real estate developers in Cebu that continue to exert sufficient competitive pressure in the market.
The deal involves Furusato Land and the subsidiaries of YYJR-RU Real Estate and Properties Corp., a domestic real estate group.
The PCC noted that the clearance supports sustained competition in the sector while allowing both parties to pursue strategic growth opportunities in one of the country’s most dynamic property markets.
Arthaland has made a significant move in its expansion strategy by acquiring a substantial land interest in Cebu City for over P2.5 billion.
Arthaland has a strong presence in Cebu, with notable projects like the Cebu Exchange, a multi-certified sustainable office tower across Cebu IT Park, and Lucima, a luxury certified green residential condominium inside Cebu Business Park. The acquisition of these new parcels on Banilad Road meant solidifying the company’s foothold in Cebu. / KOC