Posted on October 21, 2011 07:03:55 PM [ BusinessWorld Online ]
LISTED DEVELOPER Sta. Lucia Land, Inc. has moved to enter into a joint venture with a lot owner in Caloocan City for plans to develop a residential subdivision there, a disclosure to the local bourse on Friday showed.
Sta. Lucia Land’s executive committee approved on Thursday the creation of a joint venture with unlisted Revlon Realty Group, Inc. to develop the latter’s two lots located in Barangay Kaybiga, Caloocan City into a residential subdivision, the disclosure stated.
Last month, the listed real estate developer borrowed P1.5 billion from Banco de Oro Unibank, Inc. Trust and Investments Group to acquire 52,000 square meters of land in Cavite province.
The real estate developer had earlier announced a five-year, P11-billion investment blueprint for new housing and commercial projects as it grew its net income by 465% to P299.59 million in the first half over yearago levels.
Sta. Lucia Land, formerly known as Zipporah Realty Holdings, Inc., was first incorporated in 1996. Its 9,000-hectare, 200-project portfolio consists of various horizontal and vertical properties nationwide and one shopping mall in Cainta, Rizal.
Ongoing projects include developments in Rizal, Cebu, and Davao provinces, as well as the construction of five residential towers at the back of its flagship Sta. Lucia East Grand Mall.
Sta. Lucia Land shares closed unchanged at 74 centavos yesterday. -- Franz Jonathan G. de la Fuente