AFTER finding its P4-billion maiden retail bond offering late last year a success, Sta. Lucia Land Inc. said its ambitious growth plans for 2016 is now in full swing.
In a statement on Thursday, the listed property developer said it is on track with its aggressive expansion plans, as it focuses on its niche horizontal real estate development market and still eyes the capital markets for long-term growth.
The company said this is on the back of its successful P4-billion maiden retail bond listing, proceeds from which are set to refinance debts and fund capital expenditure on land banking and ongoing real estate projects.
SLI said with its track record of building subdivision communities nationwide, the firm continues to expand in key cities and provinces.
Earlier this year, SLI acquired properties Pasig City, Laguna, Cavite, Batangas, Tagaytay, and General Santos City with a total size of 96.89 hectares.
The firm also entered into joint venture agreements for developing parcels of land measuring a total of 94.75 hectares in Laguna, Batangas, Rizal, Iloilo, and Cebu.
“We are sticking to our core business of developing and marketing horizontal residential and commercial real estate nationwide,” said Jeremiah Pampolina, SLI vice president for Strategic Planning and Investor Relations. “We are however, also strengthening other complementary assets such as our plans to expand our retail commercial portfolio.”
SLI said it is looking to continue tapping the capital markets in order to support its long-term growth.
It noted that its debt-to-equity ratio of less than .5:1 is one of the lowest in the industry.
“The company is also currently in talks with several strategic investors to strengthen its institutional shareholder base,” SLI added.
SLI engages in both vertical and horizontal developments. It also owns shopping center Sta. Lucia East Grand Mall in Cainta, Rizal.