Sta. Lucia Land raising P15B for building binge
Property developer Sta. Lucia Land Inc. (SLI) is mulling to tap the capital markets to fund a P15-billion spending program for the next three to five years.
After raising over P8 billion in the past two years from the local debt market, SLI told the Philippine Stock Exchange on Monday that it was laying the foundation to ensure long-term growth.
Total capital spending to develop several properties was estimated at P15 billion. SLI’s projected investments would include the development of more retail, commercial and tourism-related establishments to complement its residential portfolio.
“SLI intends to tap both the debt and equity markets to partially finance this growth,” the firm’s disclosure read.
Since 2015, SLI has aggressively increased its development pipeline by acquiring over 658 hectares of landbank while also entering into joint venture agreements covering over 991 hectares.
SLI has since then established its presence in various locations, including Pangasinan, Bulacan, Marikina, Quezon City, Pasig City, Cavite, Laguna, Batangas, Rizal, Quezon Province, Palawan, Negros Occidental, Iloilo, Cebu, Zamboanga City, General Santos City and Davao.
Along with parent company Sta. Lucia Realty & Development Inc., the group has 220 subdivision developments covering over 10,000 hectares of land nationwide. The portfolio also includes large-scale master-planned residential estates and over 14 golf courses.
The company is currently valued by the stock market at around P9.2 billion. —DORIS DUMLAO-ABADILLA
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