Transportation officials on Tuesday broke ground for the 4 kilometer Light Rail Transit Line 2 (LRT-2) East Extension Project. It entails...
PROPERTY developer Sta. Lucia Land Inc. said its tourism-expansion project is now in full swing, developing at least four hotels under its local brand.
The company said it is developing two Sotogrande hotels, which are mixed-use buildings, in Quezon City and one each in Iloilo and Davao.
“We will continue to do more to support this buoyant [tourism] sector as we implement in full swing our projects on tourism-related assets,” said David de la Cruz, the company’s EVP and CFO.
Under the brand, the company is constructing a 23-story mixed-use building in Katipunan Avenue in Quezon City, while it also has an eight-story, full-hotel development involving 198 keys in a 22-hectare Neopolitan Business Park in Fairview, Quezon City.
Sta. Lucia is also developing another six-story full-hotel development involving 149 units in Iloilo’s residential community called Green Meadows.
It is also building a 20-story condominium hotel within the 60-hectare Davao Riverfront Business Park.
Previously, the company, known for its projects outside Metro Manila and in the provinces, has developed hotels, including La Breza in Quezon City, Splendido Tower in Tagaytay, two projects in Cainta and two in Cebu.
Broker Regina Capital and Development Corp. said despite being a pioneer in the gated-community concept, the significant increase in competition and gradual saturation of the market turned onetime titan Sta. Lucia Land into just a secondary player in the property industry.
“But what Sta. Lucia lacked in capitalization, it compensated in the sheer number of ongoing developments and properties. It was able to cash in on their first-mover advantage and effectively acquired prime lots in then-underdeveloped areas in Metro Manila at cheaper rates, until bigger names followed suit,” the broker said.
Sta. Lucia Land Inc. earlier said it is sticking to its core business of horizontal real-estate development and second- and third-tier cities in the country.
“We are sticking to our core business of developing and marketing horizontal residential and commercial real estate nationwide. We are also strengthening other complementary assets such as our plans to expand our retail commercial portfolio,” Jeremiah Pampolina, the company’s vice president for strategic planning and investor relations, said earlier.