by Jenniffer B. Austria
[ manilastandardtoday.com ] December 4-5, 2010
Sta. Lucia Land Inc., the real estate unit of businessman Exequiel Robles, will push through with a capital-raising program estimated at P5 billion to P10 billion next year.
Sta Lucia Land executive vice president Rolando Castro said in a text message that the company would raise the amount through a secondary offering.
“We are still hoping to do the secondary offering next year at the right price,” Castro said.
The board of Sta. Lucia Land in August approved the plan to revive the additional public offering.
Sta. Lucia plans to use proceeds from the share sale to finance the company’ upcoming projects. The company earlier announced plans to launch several new projects before the end of the year.
The new projects will rise in the fast-developing areas of Davao City, Cavite and Cainta in Rizal province. Included in these projects is a joint venture with the Enrile family’s Jaka Properties, The Mesilo Residences, which will rise on a 150-hectare property in Trece Martires, Cavite province.
The company plans to start the East Bel-Air Residences in Cainta and expansion developments that will create Sta. Lucia City out of its Sta. Lucia Grand Mall development in Cainta.
“We are launching these projects before the year ends to answer the needs for quality realty projects of the public in these areas. We received good feedback from our previous projects that we intend to keep on doing what we do best in all our real estate developments,” said Robles earlier.
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