Araneta Properties, Inc. (the “Company” or ARA) was formerly known as Integrated Chrome Corporation (INCHROME). INCHROME stopped its smelter operations in January 1996.
On January 24, 2005, the Company sold its smelter plant to Platinum Group Metal Corporation (PGMC) for an agreed price of P150 million resulting to a gain of 37.6 million in 2005.
On June 5, 2003 ARA signed a Joint Venture Agreement with Sta. Lucia Realty and Development, Inc. (SLRDI) to develop the Company’s 2,364,082 sq. m. property in San Jose Del Monte, Bulacan. As of December 31, 2011, the Company sold 643,514 sq. m. of developed lots.
Colinas Verdes, ARA’s joint venture project with SLRDI, requires the SLRDI to develop and sell parcels of land owned by ARA at its own cost. The joint venture project shall consist of the development of an exclusive mixed-use residential-commercial subdivision with a country club. ARA shall receive 40% of the net sales proceeds. As of September 30, 2012, Phase I and II are 97% and 98% complete respectively.
Colinas Verdes Google Earth view
ARA’s attraction lies mainly on its land bank which is located near the to-be-constructed MRT 7 which if completed, could be 23 km long with 14 stations. The line has been projected running in a northeast direction, traversing Quezon City and a part of Caloocan City in Metro Manila before ending at the City of San Jose del Monte in Bulacan province.
SMC confirmed a news article on December 4, 2012 that they are only awaiting for the government’s approval to start the construction of MRT 7. 
- Clarification of news article: “SMC ready to start MRT 7 construction”, http://www.pse.com.ph/resource/disclosures/2012/pdf/dc2012-8719_SMC.pdf
- SEC filings
Disclaimer: I do not claim to be an expert and nothing I say should be taken as a recommendation to buy or sell.