Sta. Lucia Land is planning to raise a total of P6 billion from a bond issue to fund its project pipeline and land banking plans for this year.
In a disclosure to the stock exchange, the company said its board of directors approved on Tuesday the issuance of “debt instruments worth up to P6 billion for land bank acquisitions, acceleration of ongoing projects and funding of new projects.”
Sta. Lucia said the debt issue will fund the acquisition of two parcels of land in Bauan, Batangas and Jaro, Iloilo City, as well as its involvement in 10 joint venture projects in Batangas, Davao, Pasig City, Laguna, and Rizal, which cover about 178 hectares as approved by the board
The acquisition and joint venture projects will be part of the company’s expansion to broaden its reach beyond Metro Manila where the company is very much visible.
The company said its board also approved the sale of its subsidiary SantaLucia Ventures Inc. to Sta. Lucia Realty and Development Inc.
Last year, the firm recorded a higher net income of P548 million from P300 million in 2013, as its revenues rose to P1.44 billion from P801 million.
Currently, the company has more or less 40 ongoing subdivision projects within and near Metro Manila.