SEC OKs Sta. Lucia Land’s rental pool offer for 2,382 units – BusinessWorld Online
THE SECURITIES and Exchange Commission (SEC) has approved 16 registration statements for Sta. Lucia Land Inc.’s rental pool program, allowing the developer to offer units as investment contracts while retaining ownership.
The SEC en banc cleared the issuance of 2,382 certificates of participation covering 2,101 studio units priced at P70,000 each, 150 one-bedroom units at P80,000, 121 two-bedroom units at P90,000 and 10 three-bedroom units at P100,000 each.
Approval is subject to remaining documentary requirements, it said in a statement on Thursday.
Sta. Lucia Land expects to raise as much as P60.31 million from unsold units, which will fund working capital needs for 2025 and 2026.
Fifteen rental pool projects across Quezon City, Baguio, Rizal, Cavite, Batangas, Palawan, Iloilo, Cebu and Davao have been operating since 2011. Another Cebu project is under construction and slated for completion in 2027.
Under the program, certificate holders are entitled to a share of net rental profits generated from pooled units — leased out as hotel rooms — as well as 30 nights of personal use annually.
The offering falls under a policy issued in July that aims to streamline capital raising for property companies through nontraditional investment products.
Sta. Lucia Land shares closed unchanged at P2.40 each on the Philippine Stock Exchange. — Alexandria Grace C. Magno
