Sta. Lucia Land forays into office development

MANILA, Philippines — Sta. Lucia Land Inc. (SLI) is making its foray into the office space segment with its maiden development along Marcos Highway.

The six-story Sta. Lucia Business Center, which will offer over 10,000 square meters of leasable office space, is in line with the company’s diversification. It is slated for completion in the fourth quarter of the year.

SLI president Exequiel Robles said the office development would be a growth driver of recurring revenue.

The Sta. Lucia Business Center will be connected to the ongoing LRT-2 extension project.   The first two floors have been reserved for retail shops, while the third to sixth floors will be leased out as offices.

It is envisioned to jumpstart the development of Cainta as a new business district.

The property developer is also banking on the government’s ambitious infrastructure program to help unlock values in key provinces where a large portion of its existing projects is located.

In the first quarter, SLI and its subsidiaries reported a 32 percent growth in net income to P265 million on the back of a 25 percent hike in overall revenues to P974 million.

The increase was mainly driven  by the company’s aggressive marketing schemes and new lot and unit offerings.

SLI is also beefing up its land banking activities in key provincial areas this year through fresh acquisitions and joint venture agreements.

The company has increased its land banking activities in Cavite, Laguna, Batangas, Rizal, Baler, Palawan, Iloilo, Cebu, Davao, and Silay City in Bacolod. In Metro Manila, the company is looking to expand in Marikina and Quezon City