Listed property developer Sta. Lucia Land (SLI) will develop a 15-story condotel project in its 60-hectare mixed-use land development in Davao City.
In a disclosure to the Philippine Stock Exchange on Thursday, SLI revealed its plan to start building a major condotel project in the company’s 60-hectare master-planned community in the southern Philippine City.
To be located inside SLI’s Davao Riverfront Corporate City, the building will be called SotoGrande Hotel Suites.
A condotel is a residential establishment with units that are individually owned but operated as a hotel with a registration desk and cleaning service, among other things.
Other development projects of the company inside Davao Riverfront are several leisure parks, schools, and a sports club.
SLI is a property developer whose portfolio consists of horizontal and vertical properties across the country, as well as a shopping mall in Cainta, Rizal called the Sta. Lucia East Grand Mall.
In April, SLI was reportedly looking into a joint venture partnership with another listed company, Philippine Racing Club Inc. (PRC), for the development of parcels of land in a 50-hectare property in Cebu.
PRC and SLI have both confirmed that preliminary discussions have taken place over a proposed joint venture.
“The proposed joint venture with SLI is a subdivision project that involves several parcels of land that will be acquired and contributed by PRC. SLI, on the other hand, will develop the property into a subdivision,” PRC told the local bourse.
SLI said the transaction involves the development of a parcel of land located in Cebu with an area of 537,011 square meters.