[ manilastandardtoday.com ] July 4-5, 2009
Sta. Lucia Land Inc., a rel estate company owned by the Robles family, plans to dispose of some of its properties to boost revenues and finance upcoming projects.
Documents filed with the Securities and Exchange Commission showed that the company had 1.773 million square meters of residential, commercial and mixed used lands from the 26 properties infused by parent firm Sta. Lucia Realty and Development Corp.
“Concentration shall be given to dispose of majority of its portfolio to generate the needed revenue for future projects to come,” Sta Lucia said.
The company did not identify the properties it planned to sell.
Sta. Lucia last year disposed of two parcels of land in Makati City to Alpha Land Corp., an affiliate of London-listed Ashmore Group, for P820 million.
Sta. Lucia Land, formerly Zipporah Realty, earlier increased its authorized capital stock to P16 billion from P2 billion.
Sta. Lucia Realty subscribed to about P10 billion worth of Sta. Lucia Land shares through the transfer of assets, including the P4.8-billion mall in Cainta, Rizal.
Sta. Lucia Land registered a P5.2-million net income in the first quarter of the year, a sharp turnaround from a loss of P85 million year-on-year.
The company attributed the income to improved sales from infused assets and new joint venture agreements in the latter part of 2008.
Revenues hit P90.3 million, with rental income from shopping mall contributing P22.7 million. The company did not incur any revenues in the first quarter last year due to a corporate restructuring.
Sta. Lucia Land said it would proceed with planned projects with caution this year because of uncertainty in the economy. Jenniffer B. Austria
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