STA. Lucia Land Inc. has secured Securities and Exchange Commission (SEC) approval to offer more than 2,300 rental pool participation certificates, marking a major issuances processed under the SEC Rent framework
The SEC said that the commission en banc on Tuesday “resolved to render effective” 16 registration statements covering 2,382 certificates of participation, subject to Sta. Lucia’s compliance with remaining requirements.
The regulatory approval allows the developer to proceed with the public offering of the certificates, the proceeds of which are expected to support project funding through 2026.
Sta. Lucia will sell rental certificates priced at P70,000 apiece covering 2,101 studio units; P80,000 for certificates covering 150 one-bedroom units; P90,000 for certificates covering 121 two-bedroom units; and P100,000 for 10 three-bedroom unit certificates.
Fifteen of the projects under the rental pool program are located in Quezon City, Baguio City, Rizal, Cavite, Batangas, Palawan, Iloilo, Cebu and Davao and have been operating since at least 2011.
Read this in The Manila Times digital edition.
STA. Lucia Land Inc. has secured Securities and Exchange Commission (SEC) approval to offer more than 2,300 rental pool participation certificates, marking a major issuances processed under the SEC Rent framework
The SEC said that the commission en banc on Tuesday “resolved to render effective” 16 registration statements covering 2,382 certificates of participation, subject to Sta. Lucia’s compliance with remaining requirements.
The regulatory approval allows the developer to proceed with the public offering of the certificates, the proceeds of which are expected to support project funding through 2026.
Sta. Lucia will sell rental certificates priced at P70,000 apiece covering 2,101 studio units; P80,000 for certificates covering 150 one-bedroom units; P90,000 for certificates covering 121 two-bedroom units; and P100,000 for 10 three-bedroom unit certificates.
Fifteen of the projects under the rental pool program are located in Quezon City, Baguio City, Rizal, Cavite, Batangas, Palawan, Iloilo, Cebu and Davao and have been operating since at least 2011.
A project in Cebu remains under construction and is expected to be completed in 2027.
The rental pool arrangement is expected to gross up to P60.31 million for the developer, based on remaining unsold units. The amount will cover working capital requirements for projects scheduled for disbursement in 2025 and 2026.
Holders of the certificates will be entitled to a share in the net profits generated by units made available as hotel rooms for paying guests, plus 30 nights of personal use per year.
Implemented under SEC Memorandum Circular 12, Series of 2024, the SEC Rent framework streamlines the registration process for real estate firms offering investment contracts through rental pool agreements.
These deals allow buyers to contribute their units to a rental pool managed by the company or a third-party operator in return for a share of the profit from rents.
Sta. Lucia Land shares closed unchanged on Thursday at P2.40 per share amid a 0.59-percent drop for the benchmark Philippine Stock Exchange index.
