Araneta eyes financial center in burgeoning Caloocan
Property developer Araneta Properties Inc. is planning a 140-hectare central business district (CBD) in the eastern part of Caloocan, an area to be traversed by the upcoming Metro Railway Transit 7, as part of a new roadmap to unlock values from the vast landbank of its controlling Araneta family.
According to Araneta Properties chair and CEO Gregorio Ma. Araneta III, the plan is to eventually fold into Araneta Properties about 2,000 hectares of landbank for development. He said they were already halfway through the process.
“Most of the land is owned by my family,” Araneta said, adding that his grandfather had a vast property in Del Monte, Bulacan, where he enjoyed horseback riding when he was younger.
Araneta is the grandson of businessman-patriot Gregorio Araneta, a key player in the drafting of the Malolos Constitution, which was promulgated in 1899.
He said the Caloocan property, however, did not come from his grandfather. “My uncles bought it because they were available. It’s (for now under) a separate company but it’s part of the development,” Araneta said.
With no CBD of its own, Caloocan has huge potential because of its high elevation and proximity to the MRT-7. The property is also near the La Mesa watershed, he said.
“We’ll build the best township,” Araneta said, when asked what his aspiration was for Araneta Properties.
Currently, the firm is deriving revenues from existing developments, such as the 340-hectare Colinas Verdes residential project in Del Monte, Bulacan. This was a partnership started with Sta. Lucia Land Inc. in 2005. Araneta has a 40-percent economic interest in this venture.
A newer project is the 120-hectare Altaraza residential and commercial venture with Ayala Land Inc. in San Jose Del Monte, Bulacan.
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