Listed developer Sta. Lucia Land Inc. (SLI) has opened its latest retail installation—the 50,000-square meter (sqm) IL Centro—in an area east of Metro Manila.
SLI said in a statement the mall is the second to open in the east, serving the cities of Pasig, Marikina, Antipolo and the municipality of Cainta.
IL Centro is an upscale two-level mall that is designed to cater to the “middle class living and working in the area.” SLI hopes the addition of IL Centro will raise its retail segment in the area to about 230,000 sqm of gross floor area.
IL Centro is situated within SLI’s five-tower community development, the Sta. Lucia Residenzes. Two 21-story towers are being built in the area: the nearly completed Monte Carlo tower and Santorini tower, which has started construction.
“Sta. Lucia continues to focus on its core business as a nationwide developer of subdivision lots targeting the middle class in emerging cities. The opening of IL Centro is a strategic complement to its growing customer base,” said SLI Vice President for Corporate Planning Jeremiah Pampolina.
The two-story mall is located near schools such as La Salle Sumulong Highway, College of San Benildo, Assumption Antipolo, and St. Scholastica’s College; major hospitals like Amang Rodriguez Memorial Hospital and St. Camillus Hospital; and churches such as St. Padre Pio Church, Sta. Clara Monastery, Our Lady of Light Church, Our Lady of the Concepcion Parish, and St. Therese of the Child Jesus Parish Shrine.
The company has residential and commercial developments in the cities of Cavite, Pasay City, Pasig and Quezon, as well as in provinces such as Bacolod, Baguio City, Batangas, Cabanatuan City, Cebu, Davao, Iloilo, and Rizal.
SLI earmarked P2 billion for capital expenditure (capex) this year, which would fund the needed P1.5 billion for project development and P500 million for land acquisition. The P2 billion capex is 7 percent more than the P1.354 billion actual spending for the whole year of 2013.
For the first half of the year, SLI grew its net income to P307 million from P120.5 million a year ago, while revenues rose to P920.68 million from P533.55 million during the same period last year.