Sta Lucia, Araneta tie up for Bulacan project

Araneta Properties Inc. (API) has signed a joint venture agreement with Sta. Lucia Realty and Development Inc. for the development of a portion of its 1,500 hectare property in San Jose del Monte, Bulacan.

In a disclosure to the Philippine Stock Exchange, API said the development of approximately 248.11 hectares of land shall consist of an exclusive mixed-use residential-commercial subdivision with a country club. The township is expected to be completed over a period of four years.

API is a well-known land-owning company in the Philippines listed on the local stock exchange.

Founded in 1974, meanwhile, Sta. Lucia is one of the most recognized names in the industry, delivering first-class and medium-class residential subdivisions totaling 3,000 hectares all over the country.

Sta. Lucia has also successfully ventured into the development of a commercial, entertainment and leisure facility with its Sta. Lucia East Grand Mall and into golf course development with its Orchard Residential Estates and Golf and Country Club in Cavite.

In the past years, API has been patiently negotiating with different corporations for a joint venture development of its real estate properties in adjoining areas in Quezon City, Caloocan City, Montalban, Rizal and San Jose Del Monte, Bulacan.

API also owns many other properties in Quezon City, Ortigas, Makati and Alabang.

In the first quarter this year, the company continues to incur deficit mainly because of its pre-operating status.

API, formerly known as Integrated Chrome Corporation, was originally organized to mine chrome ore and produce ferros metal or commonly known as ferrochrome. It changed its name on the primary purpose for land and property development in 1997 with the entry of the Araneta Group.