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Sta Lucia introduces condotel brand

By Neil Jerome C. Morales (The Philippine Star) | Updated May 30, 2014 - 12:00am

MANILA, Philippines - Property firm Sta. Lucia Land Inc. (SLI), riding on the strong tourism and business sectors in the Mindanao region, is introducing a condotel brand in its master-planned community project.

In a disclosure, SLI said it launched SotoGrande Hotel Suites, a 15-story condotel project within the 60-hectare Davao Riverfront Corporate City complex. SLI said the landmark project will have 260 prime residential and commercial units.

To date, major tourist attractions within the 60-hectare area of Davao Riverfront include the Crocodile Park, Davao Butterfly House and Tribu K’ Mindanawan Cultural Village.

It is also home to St. Paul’s College, one of Davao’s premiere schools, and Rancho Palos Verdes Sports and Country Club, the first one-stop sports and recreation spot in Mindanao.

Other SLI projects in Mindanao include the Ranchos Palos Verdes Sports and Country Club, an 18-hole, all-weather championship golf course designed by world-renowned designer Andy Dye complete with function rooms, clubhouse, basketball and tennis courts, swimming pool and other amenities.

For the residential and commercial segment, SLI is the company behind the Valley Verde, Ponte Verde, South Grove, South Pacific, Altea Ciudades, Alta Monte Residential Estates, Ciudad Verde and Las Palmas Verdes projects, all in Davao.

The 2,444-square kilometer Davao City is home to 1.5 million residents. It enjoys strong economic growth partly driven by tourism and recreational activities like retirement villages, theme parks, agri-tourism parks, mountain and leisure resorts, and hotel and convention facilities.

The property firm saw its profits surge more than four times in the first quarter on the back of strong retail sales.

SLI’s core earnings soared 362 percent to P185 million from P40 million a year ago. Revenues in the first three months spiked 94 percent to P556 million as real estate revenues were more than doubled to P425 million while rental income rose 14 percent to P100 million.

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