Sta. Lucia Land lines up new projects

Sta. Lucia Land Inc. (SLI) has lined up plans for land acquisition in Batangas and Bulacan, joint ventures for several projects across the country and a loan facility.

In a disclosure on Thursday, the listed property developer said its board of directors had approved to buy a parcel of land in Batangas with an area of 23,770 square-meters (sqm) and a 16,349-sqm lot in Bulacan.

The board officials also greenlighted SLI’s entry into various joint ventures for the development of projects in Rizal, Bulacan, Pangasinan, Surigao del Norte, Negros Occidental, Iloilo, Batangas, Quezon City, South Cotabata, Pampanga and Laguna.

In total, these joint ventures involve about 2.25 million sqm of land area.

Meanwhile, SLI announced its move to secure a syndicated term loan facility agreement amounting to up to P5 billion.

It also working on obtaining a short-term loan facility from China Banking Corp.

Other resolutions the company had approved include the distribution of P331.86 million as cash dividends from its unrestricted retained earnings.

In the first three quarters, SLI registered reservation sales of P6.61 billion, up 14.04 percent from P5.79 billion in the same period last year.

As of end-September, total assets and total equity stood at P55.9 billion and P22.86 billion, respectively.

“SLI is committed to continue its expansion plans to establish master-planned residential communities for our current and new customers throughout the nation with a focus on provincial growth areas,” the listed company said earlier.

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The article was originally published in Inquirer.NET and written by Tyrone Jasper C. Piad.