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Sta. Lucia Land taps BDO for fresh loan

Published : Wednesday, September 21, 2011 00:00  [ ]

STA. Lucia Land Inc. plans to take on new debt after postponing its planned follow-on offering this year.

In a disclosure to the Philippine Stock Exchange, SLI said it will execute a mortgage trust indenture with the trust and investments group of Banco De Oro Unibank Inc., covering an additional loan availment of up to P1.5 billion.

The property developer had availed of a term loan of P1.5 billion from BDO in 2009.

SLI earlier said it would defer the proposed $150 million follow-on share sale because of volatility in the equities market.

The company also disclosed that it purchased two parcels of land in Cavite, consisting of a 17,346 square meter lot in Dasmarinas and another 34,690 square meter property in Imus.

The property firm expects to sell over 3,600 units this year as it embarks on a five-year expansion program worth P11 billion to capitalize on the robust real estate sector.

It has lined up several projects, starting with the construction of the first two buildings of Sta. Lucia Towers. The five-tower development will rise on top of a three-level commercial podium situated on an 11-hectare property beside its Sta. Lucia East Grand Mall along Marcos Highway in Cainta, Rizal.

The firm will also launch a mix of vertical and horizontal projects in Pasig, Quezon City, Tagaytay, Tarlac, Laguna, Batangas, Cebu, Davao and General Santos City.

Its profit surged by 462 percent to P299.59 million in the first half from P53 million in the previous year on higher real estate revenues and rental income.

Its shares rose to P0.84 each on Tuesday from P0.80 on Monday.

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