STA. LUCIA LAND SEEKS TO RAISE P7B

 

With over four decades of expertise on the real estate sensibilities of Filipinos, Sta. Lucia has built well-loved projects on upwards of 10,000 ha of land.

Showing its confidence in a resilient Philippine real estate industry and buckling up for potential growth opportunities postpandemic, Sta. Lucia Land Inc. is now eyeing to raise P7 billion in fresh capital to further expand its portfolio.

This was decided on by the Sta. Lucia Land’s board of directors, led by company chair Vicente Santos, last March 12.

According to a filing with the Securities and Exchange Commission (SEC), the board resolved to authorize Sta. Lucia Land to issue up to P7 billion in “corporate notes to not more than 19 primary institutional lenders/qualified buyers.”

This substantial infusion is expected to bankroll Sta. Lucia’s rally in landbanking and construction, which would then help the listed company expand its already extensive portfolio of more than 250 projects scattered across some 70 cities and municipalities in the Philippines. Those movements can be derived from the other decisions of the board, which greenlighted property acquisition and joint venture deals in various locations, among others.

In Luzon, Sta. Lucia is acquiring a property in Batangas province. In the same area, it will also develop two locations: a 42.8-ha land, jointly with Sta. Lucia Realty & Development Inc. (SLRDI) and a 21.8-ha project via another joint venture. Still with SLRDI, the top developer will invest in a 3.9-ha project in Cavite and a bigger 52.6-ha development in Rizal. Finally, in Sta. Lucia’s de facto turf east of Metro Manila, a joint venture will take on a 0.6-ha lot.

In Visayas, the company will acquire a 2.5-ha lot in Iloilo and develop through a joint venture another 7.1 ha in LapuLapu City. In Mindanao, Sta. Lucia will expand its landbank by nearly one hectare and develop another hectare in Davao del Sur.

Stockholders will get the latest on Sta. Lucia Land’s efforts soon, with the board setting the annual stockholders’ meeting on June 25, 2021. It will occur virtually to follow the COVID-19 health and safety protocols. However, the board passed measures allowing attendees to participate meaningfully and vote remotely or in absentia.

All the decisions should be exciting news for potential homebuyers and investors, especially those looking in Southern Tagalog, Western and Central Visayas, and Davao Region.

With over four decades of expertise on the real estate sensibilities of Filipinos, Sta. Lucia has built well-loved projects on upwards of 10,000 ha of land, ranging from townships, condotels and golf courses to offices, commercial spaces and housing units. Many of these morphed quarters of the nation into economic hubs.

All the fine, affordable Sta. Lucia projects exemplify the company guarantees of topnotch quality, superb aesthetics, world-class features, unprecedented access and capital appreciation. The bottom line of Sta. Lucia’s determination to build more is, after all, the chance for more Filipinos to invest in their dreams.

Proceeds from the issuance of corporate notes expected to bankroll Sta. Lucia’s rally in landbanking and construction to help the listed company expand its already extensive portfolio.

Source: https://philippinedailyinquirerplus.pressreader.com/@nickname19452938/csb_-F6PgdceFp_l6Iq-_urilCIi4BdYg5vAQDmZH_DwkbrLcTqK280J7RoppiNR5ZY-

March 27, 2021