Property developer Sta. Lucia Land, Inc. (SLI) will debut in the office property business with the completion of the six-story Sta. Lucia Business Center in Cainta by the fourth quarter.
This business center, which will offer over 10,000 square meters of leasable office space, is part of the company’s plan to diversify to new growth areas, SLI disclosed to the Philippine Stock Exchange on Monday.
“Recurring revenue is also a subsector where we have set as another growth driver. Our new Sta. Lucia Business Center has begun construction and is our official entry into the office market. It will also connect to the ongoing LRT 2 and shall provide commuters in the area a convenient access to our commercial assets,” said SLI president Exequiel Robles, referring to the LRT-2 extension project along Marcos Highway.
The center is envisioned to jump-start the development of Cainta as a business hub. The first two floors will be dedicated to retail shops while the third to sixth floors will be leased out as offices.
The property developer is also banking on the government’s ambitious infrastructure program or “Build, Build, Build” campaign to help unlock values in key provinces where a large portion of its existing projects are located.
SLI is also aggressively beefing up its land banking activities in key provincial areas this year through fresh acquisitions and joint venture agreements.
The company has increased its 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.
“We are ever mindful of the opportunities presented in our industry and in our economy as well. We are very excited with the government’s P1.8-trillion … infrastructure initiative as this will interconnect the entire country and is therefore aligned with our vision of developing quality real estate projects all over the Philippines,” Robles said.
“This masterplan will increase the GDP (gross domestic product) in areas outside Metro Manila that currently account for over 36 percent of the nation’s GDP. [About] 75 percent of the cost will be allocated toward boosting economic activities in areas such as Pampanga, Cavite, Laguna in Luzon; Cebu, Iloilo and Negros in the Visayas; and Davao in Mindanao—areas where the Sta. Lucia group has a strong presence,” Robles said.
Robles said SLI was not only “mindful of the potential impact of this infrastructure initiative” but was likewise “ready to take on more projects” that would enhance the development of provinces.