SEC thumbs up Sta. Lucia Land’s rental pool offering

MANILA – The Securities and Exchange Commission (SEC) has approved Sta. Lucia Land, Inc.’s (SLI) rental pool deals, which allow the issuance of certificates of participation that provide holders share in the profits of the real estate units, which the company will offer for rental as hotel rooms.

In a press release Thursday, the SEC said the approval of the company’s 16 registration statements for 2,382 certificates of participation was made by the Commission En Banc on Nov. 25.

Under the approved program, SLI “will offer certificates of participation priced at PHP70,000 apiece for 2,101 studio units; PHP80,000 for each certificate in 150 one-bedroom units; PHP90,000 each for certificates in 121 two-bedroom units; and PHP100,000 each for certificates in 10 three-bedroom units.”

SEC said 15 of the projects included in the rental program are located in Quezon City, Baguio City, and the provinces of Rizal, Cavite, Batangas, Palawan, Iloilo, Cebu and Davao, and have been operating since at least 2011.

It said one of the projects is in Cebu and is expected to be completed by 2027.

“The rental pool arrangement is expected to gross up to PHP60.31 million, computed based on the remaining unsold units available, which will be used to cover the working capital for projects to be disbursed in 2025 and 2026,” it said.

Aside from having a share in the profits of the rental units, holders of the certificates will have 30 nights per year free use of the units. (With a report from Joann Villanueva/PNA)