Publicly listed Sta. Lucia Land Inc. is looking to tap loan and credit facilities worth up to P6 billion as it continues to beef up its landbanking activities and significantly expand its presence across the country.
In a disclosure to the Philippine Stock Exchange in February, Sta. Lucia Land said that its board of directors approved a number of resolutions including one that authorizes the company to avail of loans and credit facilities from China Banking Corp.
According to Sta. Lucia Land, the loan proceeds would be used to refinance maturing loans as well as fund project developments, land acquisitions and general corporate expenses.
The property developer further reported that its board also approved resolutions authorizing the company to acquire a total of 32.34 hectares of land in Laguna and Batangas, as well as enter into joint ventures involving projects in Rizal, Batangas and Cotabato with a total area of 89.04 ha.
These planned acquisitions and joint venture projects do not only showcase the company’s sustained expansion appetite despite the challenges posed by the pandemic, but are also seen to further cement the company’s foothold in key areas across the country. Over the last several years, Sta. Lucia Land has been aggressively expanding, announcing acquisitions in more areas including Cavite, Bulacan, Iloilo and Davao, which highlighted the company’s continued confidence in the Philippine real estate market.
To date, Sta. Lucia Land and its parent firm, the Sta. Lucia Group, have collectively built more than 250 projects spanning over 10,000 ha across the country.
Having been in the business of building homes for more than 50 years now, the Sta. Lucia Group continues to provide Filipinos with high quality, diversified offerings that include world class golf courses and country clubs, resort-themed communities, townships, lake developments, condominiums and condotels, offices, and commercial spaces, among others.
Source: Business Mirror