LISTED property developer Sta. Lucia Land Inc. (SLI) said it has acquired eight properties totaling 10.03 hectares in key cities in Cavite, Batangas, Rizal, Palawan, Iloilo and Davao in a bid to boost its land bank for future projects.
SLI told the Philippine Stock Exchange on Wednesday that the company has also signed nine joint-venture agreements totaling 139.28 hectares in Batangas, Rizal, Cebu and Davao.
“This brings to a total of 1.493 million square meters of joint venture agreements and land acquisitions of developable properties as SLI to continues its strategic nationwide landbank expansion to start year 2017,” SLI said.
SLI’s land inventory as of end-2016 stood at 936.8 hectares.
SLI added that at the same meeting, its board authorized the company to negotiate and avail of a 10-year corporate note facility with financial institutions, with a maximum of 19 investors, for an aggregate amount of P3 billion with an over-allotment option of P2 billion.
Proceeds of the facility will be used to pre-pay existing obligations and fund strategic land banking as well as for capital expenditures for ongoing and new projects and for general corporate purposes.
Aside from the corporate notes facility, the board also approved the opening of a P250-million one-year credit line with Maybank Philippines Inc.
Incorporated in 1996 and formerly a mining company, SLI is engaged in real estate development focusing on residential projects and commercial malls. Its subsidiaries Sta. Lucia Homes Inc. and Santalucia Ventures Inc. are both engaged in the construction, development and management of residential structures.