Posted on July 09, 2014 09:18:37 PM [ BusinessWorld Online]
REAL ESTATE developer Sta. Lucia Land, Inc. is in talks with potential partners for the development of its residential property in Cainta, Rizal -- a few days after revealing several land acquisitions and plans to enter a partnership for a new project in Dagupan City.
In a statement attached to a disclosure yesterday, the company said its board of directors, in a special meeting on July 8, has given approval to enter a joint venture agreement for the development of a part of its 8,062-square-meter (sq.m.) Cainta Greenland Executive Village.
“It is expected that the transaction would improve the financial standing of the [company],” the disclosure read.
Sta. Lucia said the terms of the partnership, the size of the investment, and the shareholding structure “will still be negotiated.”
BusinessWorld sought out Sta. Lucia officials to elaborate on the project but they were not immediately available.
The company’s Web site shows that the village in Cainta is currently equipped with a clubhouse, basketball and tennis courts, picnic grounds, a swimming pool, landscaped entrance gate with a guardhouse, and an underground storm drainage system.
In a July 2 disclosure, Sta. Lucia bared plans to enter into a tie-up for a new project in a 77,001-sq.m. property in Pangasinan, but did not reveal further details concerning the ownership of the land.
In the same disclosure, the company also said its Executive Committee has cleared plans to acquire two parcels of land in Batangas, with an area of 9,315.50 sq.m. and 3,087 sq.m., as well as a 66,302-sq.m. property in Taytay, Rizal.
Sta. Lucia’s portfolio consists of horizontal and vertical properties across the country, as well as a shopping mall in Cainta -- Sta. Lucia East Grand Mall.
Sta. Lucia’s first-quarter net income rose to P185.17 million from P40.04 million a year earlier, as gross revenue nearly doubled to P556.43 million from P286.65 million.
Costs and expenses rose 26.44% to P288.52 million.
Sta. Lucia gained three centavos or 3.19% on Wednesday to close at 97 centavos apiece. -- Daphne J. Magturo