Sta Lucia sets 15 new projects

MANILA, Philippines - Sta. Lucia Land Inc. (SLI) is set to launch up to 15 residential condominium and subsidivision projects this year as it seeks to sustain its aggressive expansion.

The new developments will be backed by bank loans but a planned share sale next year will fasttrack its expansion, a company official said.

“This year, our plan is 10 to 15 (new projects) but sometimes it is more,” Paolo Michael Robles, SLI senior-vice president for sales, told reporters.

He said this year’s expansion, hinged on subdivision and condominium projects, is targeted at the same pace as in 2012.

Last year, SLI launched Neopolitan Condominium in Quezon City, Monte Carlo Residences in Rizal and Alterra in Cebu.

SLI is also looking at a joint venture deal for a potential new project in the north, Robles said.

He said SLI’s growth strategy will be more on subdivision projects.

“For the condominium projects, we will put that up in properties with prime locations,” he added.

To boost its property sales, SLI has set up offices in the US, London, Singapore and Dubai.

Robles said its London and US offices are selling condominium projects while the branches in Dubai and Singapore attract buyers of houses and lots.

So far, SLI is securing its financing needs from bank loans. The property developer earlier deferred its plan to sell as much as three billion shares through a follow-on offering and raise P6 billion through a direct loan or an offering of onshore or offshore dollar-denominated bonds.

Robles said SLI is currently focusing on joint venture deals that require lower costs.

“If we raise those funds, we will have more (projects) next year,” he said.

In April, SLI’s board of directors allowed management to enter into several partnership agreements to increase available areas for development.

Specifically, SLI can seek partners for the development of a parcel of land located in Davao City owned by Greensphere Realty & Development Corp; expansion of SLI’s Palo Alto project in Tanay, Rizal; expansion of the Rizal Techno Park involving 10,100 square meters (sqm) of land; expansion of the Greenwoods Executive Village in Pasig involving a parcel of land owned by St. Botolph Development Corp. with an area of 5,558 sqm; and expansion of the Cainta Greenland in Rizal province involving a 5,019-sqm lot of Sta. Lucia Realty and Development Inc.