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
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