STA. LUCIA LAND, Inc. (SLI) is planning to boost its landbank through new acquisitions and joint ventures that would support expansion.
The company’s board of directors recently authorized the acquisition of 78.47 hectares of land located in Davao, Rizal, Laguna, Batangas, and Pangasinan, which it described as “growth areas.”
SLI is also planning a joint venture for the development of 59.32 hectares of land in Batangas, Cavite, Laguna and Rizal.
The SLI board also gave the green light for the company to tap up to P1.5 billion in credit facilities from banks to finance land acquisitions and project developments.
“SLI’s continued expansion signaled its continued bullishness and confidence in the local real estate market, despite the difficulties dealt by this ongoing pandemic,” the company said.
The developer saw its net income surge 44% to P1.84 billion in the first nine months of 2021, thanks to a 27% rise in revenues to P5.74 billion.
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Article was originally published in Business World.
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