MANILA, Philippines — The Securities and Exchange Commission (SEC) has approved the proposed rental pool deals of property developer Sta. Lucia Land Inc.
Rental pool deals refer to investment contracts where a property developer sells or offers units in real estate projects such as condominiums, hotels or resorts to the public.
Under such deals, buyers contribute the units to a rental pool managed and operated by the company or a third-party operator. Consequently, the buyers receive a share in profits earned by renting out the units to third parties.
READ: SEC starts to regulate sale of condotels, rental pool assets
The SEC said on Thursday it had cleared Sta. Lucia’s 16 registration statements covering 2,382 certificates of participation, subject to compliance with remaining requirements.
Sta. Lucia will offer certificates of participation priced at:
- P70,000 each for 2,101 studio units;
- P80,000 for each certificate in 150 one-bedroom units;
- P90,000 each for certificates in 121 two-bedroom units; and
- P100,000 each for certificates in 10 three-bedroom units.
Fifteen of the projects under the rental pool program are located in Quezon City, Baguio City, Rizal, Cavite, Batangas, Palawan, Iloilo, Cebu and Davao. They have been operating since at least 2011.
A project in Cebu is still under construction and is expected to be completed by 2027.
READ: SEC OKs Damosa Land ‘condotel’ rental pool program
As holders of the certificates of participation, unit owners will be entitled to a share in the net profits earned by the pooled units made available as hotel rooms for paying guests, as well as personal use of the units for 30 nights per year. /dda