By Jenniffer B. Austria | Apr. 22, 2015 at 11:00pm [ manilastandardtoday.com ]
Sta. Lucia Land Inc., the property developer controlled by businessman Exequiel Robles, said it plans to borrow P6 billion to expand real estate projects across the country.
SLI said in a disclosure to the stock exchange the board authorized the company to issue debt instrument worth P6 billion for land bank acquisitions, acceleration of ongoing projects and funding of new projects.
SLI said it was poised to capture the country’s remarkable economic performance, with plans to accelerate expansion outside Metro Manila.
SLI recently signed 16 joint venture agreements in Davao, Rizal, Pasig, Batangas and Laguna for a total of 142.33 hectares of land. It also acquired properties in Batangas and Iloilo covering 34.53 hectares.
The company said following the acquisition of new properties, the board also approved the development of new housing projects in the said areas.
The company recently formed a wholly-owned unit called Sta. Lucia Homes Inc., a contractor company whose sole purpose is to offer construction services to the SLI group’s over 120,000 lot buyers.
The company said more than 60,000 lots buyers nationwide have yet to build their houses.
SLI reported an 83-percent increase in net income to P548 million in 2014 from P300 million in 2013, as real estate revenue jumped 80 percent to P1.44 billion from P801 million.
Majority of the growth came from the sales of Colinas Verdes Residential Estates (San Jose Del Monte, Bulacan), Monte Carlo Tower - Sta Lucia Residenze (Cainta, Rizal), Greenmeadows (Pavia, Iloilo) and Ponte Verde (Davao City).