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Developer plans P6-B fund-raising activities

Posted on April 19, 2013 07:58:47 PM [ BusinessWorld Online]
DEVELOPER STA. LUCIA Land, Inc. plans to raise at least P6 billion from various sources for recently approved joint venture projects and land acquisitions.
In a special meeting on April 18, the company’s board approved the plan to borrow up to P6 billion through direct loans, or onshore/offshore dollar-denominated bonds, as well as a follow-on offering of up to three billion shares, Sta. Lucia Land said in a disclosure on Friday.
The value of the planned share sale was not immediately available.
"The proceeds of the follow-on offering and issuance of bonds will be used for the expansion of the business of the registrant [Sta. Lucia Land]," the disclosure read.
Sta. Lucia’s board also approved several land purchases and property partnerships to boost its portfolio.
In the same disclosure, the company said its board approved the acquisition of seven lots in Barangay San Juan in Taytay, Rizal measuring a total of 4,865 square meters and a lot in Lipa, Batangas measuring 7,895 square meters.
Sta. Lucia Land’s board also approved five joint-venture deals, namely:
• the development of a Davao City lot owned by Greensphere Realty & Development Corp.;
• the expansion of Sta. Lucia Land’s Palo Alto subdivision in Tanay, Rizal involving lots owned by Sta. Lucia Realty and Development, Inc. and Milestone Farms, Inc.;
• the expansion of Sta Lucia Land’s Greenwoods Executive Village in Pasig City involving a lot owned by St. Botolph Development Corp.; and
• the expansion of Sta. Lucia Land’s Cainta Greenland subdivision in Cainta, Rizal involving a lot owned by Sta. Lucia Realty.
Sta. Lucia Land, formerly known as property firm Zipporah Realty Holdings, Inc., was incorporated in 1996.
The company’s current 10,000-hectare, 200-project network consists of various horizontal and vertical properties nationwide and one shopping mall, with ongoing projects in Rizal, Cebu, and Davao. It has over 40 joint-venture partners in its horizontal project portfolio.
Sta. Lucia Land saw its nine-month net income drop by 50.34% to P232.88 million last year from P350.11 million in 2011 due to lower sales take-up of existing projects and fewer projects launched during the period.
Revenues, comprised mostly of real estate sales and rental income, dipped by 8.33% to P1.10 billion from P1.20 billion in the same comparative periods, while costs and expenses shrunk by 7.79% to P768.09 million from P832.97 million, year on year.
Shares of Sta. Lucia Land added one centavo or 1.02% to 99 centavos on Friday from 98 centavos the previous. -- FJGDF
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