Sta. Lucia Land will enter joint ventures to develop seven new projects across the country, as well as expand its land holdings for future developments, the company reported to the Philippine Stock Exchange on Tuesday following a meeting of its Board of Directors.
Sta. Lucia’s Board of Directors met last Thursday ahead of the listed developer’s annual stockholders’ meeting to be held next month, and among other actions, approved the pursuit of joint ventures to launch seven new projects and acquire several pieces of land for future projects.
The company has been aggressively pursuing land bank acquisitions and diversifying its portfolio since last year, with significant expansion plans in areas such as Iloilo, Davao, and Cebu, and shifting some of its focus to hotel and commercial projects.
Details of the new projects planned were not disclosed, but the largest of these will be in Davao, covering 90.18 hectares; a 49-hectare development in Aurora; and one in Batangas with an area of 25.48 hectares.
New properties to be acquired vary in size from just under one hectare to nearly 25 hectares, and are located in Cavite, Batangas, Davao, Iloilo, and Rizal, the disclosure said.
Other decisions approved by Sta. Lucia’s board included authorization of negotiations with Multinational Investment Bancorporation for a credit line that would permit Sta. Lucia to take out unsecured loans of up to P2 billion, and approval of negotiations with Manulife China Bank Life Assurance Corporation concerning the retirement plan for Sta. Lucia’s employees.