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MANILA, Philippines–Property developer Sta. Lucia Land Inc. is embarking on a 7.7-hectare property development project in Dagupan City, Pangasinan, adding to its landbank for nationwide expansion.
In a disclosure to the Philippine Stock Exchange (PSE) on Wednesday, SLI said its executive committee had issued a resolution authorizing the company to enter into a joint venture involving the development of a new project located in Dagupan with an area of 77,001 square meters.
The terms of the joint venture have yet to be negotiated, the company said.
In its latest quarterly report, SLI said it was “continuously embarking on new developments that will improve its revenue take up in the next periods to come.”
SLI has also reported that the first phase of its Green Meadows Iloilo was showing positive results as it sold 176 residential lots with more than P130 million in reservation sales. The project is a 172-hectare master-planned development located in Pavia and Jaro, Iloilo.
The project is a lake community with unique features, including a five-hectare man-made lake, the first of its kind in the province.
SLI posted a record 94-percent overall year-on-year increase in revenue to P556 million for the first three months compared to the previous year. This was due to higher residential and condominium sales take-up that, in turn, was attributed to the aggressive sales activities made on the past years. Increased mall occupancy rate in the first quarter also caused rental income to jump by 14 percent.