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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