Sta. Lucia's Luzon projects okayed

Posted at 07/03/14 8:12 AM

MANILA - Listed Sta. Lucia Land Inc. (SLI) bared on Wednesday that its joint-venture plan for a real-estate project in Pangasinan and land acquisition efforts in other Luzon areas have been approved.

In a regulatory filing, the company said its executive committee green lighted and authorized the resolution for its entry into a partnership involving the development of a new project in Dagupan, with an area of 77,001 square meters (sqm).

The amount of investment and/or interest of the parties engaged have yet be negotiated, SLI noted in the disclosure. The project is expected to improve the property developer’s financial standing.

The company’s land acquisition plan in other provincial sites has been also authorized by the committee. In Batangas City SLI has been allowed to acquire two parcels of land with areas of 9,315.50 sqm and 3,087 sqm The company also bought a 6,302-sqm land in Taytay, Rizal.

SLI has numerous development projects in Bacolod City, Cebu, Davao, General Santos City, and Iloilo City. The company recently launched 20 new projects on the back of improved business performance.

For the first quarter of 2014, the company registered an increase of 94 percent in revenues to P556 million.

Real-estate revenues reached P425 million, or 137 percent higher than the same period in 2013.

Core income, on the other hand, stood at P185 million, 362 percent higher than P40 million in the same period last year. Lease income increased by 14 percent to P100 million.