Sta. Lucia Land sets three-year capex at P20 billion

STA. LUCIA Land, Inc. (SLI) has allotted P20 billion in capital expenditures (capex) over the next three years, in a bid to expand its residential and commercial properties in the country.

In a statement Tuesday, the listed property developer said about P16 billion of the capex will be used for projects in Metro Manila, Bulacan, Rizal, Batangas, Iloilo, Pangasinan, Palawan, Cebu, and Davao.

This will support its plan to launch 28 new residential and commercial projects, as well as five condominium and hotel projects that could generate up to P20 billion in reservation sales.

The company’s new residential projects in Metro Manila include Sotogrande Fairview and Acropolis Loyola in Quezon City, and Orchard Towers in Pasig City.

In Luzon, SLI will be developing Green Peak Heights Phase 3 and Sta. Lucia Residences in Rizal, Aquamira at Saddle and Rockville in Cavite, Golden Meadows Phase 2D in Laguna, Colinas Verdes Expansion in Bulacan, Woodside Garden Village in Pangasinan, and Ponte Verde de Sto. Tomas and Yanarra Seaside Residences in Batangas.

Meanwhile, its projects in Visayas and Mindanao include Metropolis in Iloilo, Valle Verde in Cebu, and Ponte Verde Phase 2 in Davao.

For the leasing segment, SLI said it will soon complete the Sta. Lucia Business Center, a six-storey office and commercial building that offers more than 14,000 square meters of gross leasable area. The project stands inside the Sta. Lucia Mall complex, and will bring the firm’s total GLA to over 150,000 sq.m.

The remaining P4 billion out of SLI’s capex will be spent for future land acquisitions.

The company earlier said it will be applying for additional credit lines with the Bank of Commerce and Maybank Philippines, Inc. at P250 million and P200 million, respectively.

SLI’s net income attributable to the parent grew 28% to P338.48 million in the first quarter of 2019, driven by a 30% uptick in gross revenues to P1.27 billion.

Shares in SLI climbed 0.53% or one centavo to close at P1.91 each at the stock exchange on Tuesday. — Arra B. Francia