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Sta. Lucia Land board clears six projects, P1.5-B loan

LISTED real estate developer Sta. Lucia Land, Inc. said on Thursday that its board had approved taking out a P1.5-billion long-term loan facility while authorizing joint ventures to develop six projects, including an acquisition in Batangas.

In a disclosure to the stock exchange, the company also said its board of directors had authorized the acquisition of parcels of land in Batangas with a total area of 79,054 square meters (sq.m.).

The company identified six development projects, four of which are in Luzon, one in the Visayas, and one in Mindanao. Of the planned joint ventures, the largest area is in Batangas at 156,232 sq.m. followed by 106,079 sq.m. in Laguna.

The joint venture projects in Luzon are located in Rizal with a total area of 21,526 sq.m. and Bulacan with 16,349 sq.m.

Additionally, the company is eyeing projects in Iloilo with a total area of 3,484 sq.m. and in South Cotabato with 48,603 sq.m., with Iloilo being the smallest.

Meanwhile, Sta. Lucia Land said its board also approved the authority to enter into an unsecured long-term loan facility agreement of up to P1.5 billion with China Banking Corp.

It also approved the authority to avail and renew credit accommodations from the Bank of Commerce amounting to P250 million and a domestic bill purchase line of P50 million.

On Thursday, shares in Sta. Lucia Land went up by 2.99% or 9 centavos to close at P3.10 apiece. — Adrian H. Halili

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