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Sta. Lucia pushes expansion outside Metro Manila

Posted on October 05, 2012 08:09:22 PM [ BusinessWorld Online ]

PROPERTY DEVELOPER Sta. Lucia Land, Inc. is poised to forge six joint-venture agreements with various groups in order to further expand its residential portfolio outside Metro Manila, the company said in a disclosure to the Philippine Stock Exchange (PSE) on Friday.

Following a meeting on Thursday, Sta. Lucia Land’s executive committee authorized the company to enter into the following joint-venture deals to build subdivisions:

• with Trillasun Realty and Development Corp. for a project in Barangay Dumoclay in Batangas City;

• with Sta. Lucia Land’s parent Sta. Lucia Realty and Development, Inc. for projects in Taytay, Rizal and in Barrio Mendez in Tagaytay City;

• with Royale Homes Realty and Development, Inc. in Imus, Cavite;

• with Carlos Antonio S. Tan and Mark Davies S. Santos in Cainta, Rizal;

• with Irma SB. Ignacio-Taban in Cainta, Rizal; and

• with MFC Holdings Corp. in Barangay Tolotolo in Consolacion, Cebu.

Sta. Lucia Land was not immediately available for more details on the transactions.

Last June, the company said it was likely to ramp up joint ventures with other developers this year, citing partnerships as a key business strategy since these are less capital-intensive.

Sta. Lucia Land, formerly known as Zipporah Realty Holdings, Inc., was incorporated in 1996, according to information posted on PSE’s Web site.

The company’s current 10,000-hectare, 200-project portfolio consists of various horizontal and vertical properties nationwide and one shopping mall, with ongoing projects in Rizal, Cebu, and Davao, the company’s end-June financial statement showed.

Sta. Lucia Land grew its net income by 13.13% to P338.91 million in the first half from P299.59 million last year. Revenues, mostly from real estate and rental income, rose 2.27% to P752.14 million from P735.46 million in the same comparative periods, while costs and expenses grew 7.85% P555.68 million from P515.25 million.

Sta. Lucia Land shares added 1.47% to 69 centavos on Friday from 68 centavos last Thursday. -- F. J. G. de la Fuente

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