MANILA, Philippines - Property developer Sta. Lucia Land Inc. (SLI) is eyeing to expand its mall presence outside its domain in Rizal, citing the country’s consumption boom as its growth driver.
“The company plans to replicate its success and expertise in its current 120,000-square meter mall in Rizal by building new malls in commercial areas it already owns,” SLI said in a disclosure to the Philippine Stock Exchange yesterday.
SLI said the size of its commercial areas across the country currently stands at around 33.93 hectares and are located in over 20 cities and provinces.
SLI president and chief executive officer Exequiel D. Robles earlier told The STAR in an interview that the company is eyeing Iloilo or Davao as possible locations for its new mall developments.
To date, SLI’s only mall under its portfolio is the Sta. Lucia East Grand Mall in Cainta, Rizal.
Sta. Lucia East Grand Mall was the first shopping complex which catered to the communities of Pasig, Cainta, Marikina and Antipolo in 1991
In September last year, the listed property firm completed IL Centro, a two-level expansion mall of its East Grand Mall.
As one of the country’s largest subdivision developers with presence in 10 regions, SLI said it is poised to capture the country’s remarkable economic performance in the coming years as growth continues to accelerate in areas outside Metro Manila
“With multiple projects already present in the key cities and provinces, the company will be the beneficiary of increased purchasing power and the renewed influx of commerce as businesses starts to flourish in emerging cities and provinces,” the listed property firm said.
David dela Cruz, SLI executive vice president and chief finance officer, said market value of the company’s properties in Iloilo, Cebu, Davao, Pampanga and Bulacan has appreciated in recent years is expected to do so in the coming years.
“Even during the property crisis that happened in the past decades, property prices in these areas did not have violent swings, but instead have had a steady trajectory of increases in values over the past years,” he said.
The company has launched a total of 38 projects in the past three years in areas such as Rizal, Cebu, Iloilo and Davao.
SLI was able to more than double its earnings in the third quarter of last year behind soaring real estate sales.
The company’s net income climbed 112 percent in July to September 2014 to P426 million from P201 million the previous year.