REAL estate developer Sta. Lucia Land, Inc. expects to further strengthen its presence in key areas of the country as it boosts its land-banking activities while looking at tapping loan and credit facilities worth P6 billion.
In a statement, the listed company said its expansion highlights its confidence in the Philippine real estate market.
“Over the last several years, Sta. Lucia Land has been aggressively expanding, announcing acquisitions in more areas including Cavite, Bulacan, Iloilo and Davao,” it said.
In February, Sta. Lucia Land disclosed to the Philippine Stock Exchange that its board of directors had approved a number of resolutions such as authorizing the company to avail of loans and credit facilities from China Banking Corp.
The loan proceeds would be used to refinance maturing loans as well as fund project developments, land acquisitions and general corporate expenses, the company said.
The board also approved resolutions authorizing the company to acquire a total of 32.34 hectares of land in Laguna and Batangas, as well as enter into joint ventures for projects in Rizal, Batangas and Cotabato with a total area of 89.04 hectares.
“These planned acquisitions and joint venture projects do not only showcase the company’s sustained expansion appetite despite the challenges posed by the pandemic, but are also seen to further cement the company’s foothold in key areas across the country,” Sta. Lucia Land said.
To date, Sta. Lucia Land and its parent firm have collectively built more than 250 projects, which covers at least 10,000 hectares across the country.
“Having been in the business of building homes for more than 50 years now, the Sta. Lucia Group continues to provide Filipinos with high quality, diversified offerings that include world-class golf courses and country clubs, resort-themed communities, townships, lake developments, condominiums and condotels, offices, and commercial spaces, among others,” Sta. Lucia Land said in the statement.
On Wednesday, shares in St. Lucia Land rose by 2.57% or seven centavos to close at P2.79 each.