Sta Lucia Land gets P500-M loan from RCBC

Sta. Lucia Land Inc. (formerly Zipporah Realty Holdings Inc.) has secured a P500- million credit facility from the Rizal Commercial Banking Corp. (RCBC).

In a disclosure to the Philippine Stock Exchange (PSE), SLL said the credit facility will be secured by existing properties and those to be transferred by Sta. Lucia Realty & Development Inc.

Out of the P500 million, P100 million will go to SLL while the balance of P100 million will be made available to SLR.

SLL said its board also approved the assumption of SLR’s P800-million debt,  secured by SLR’s mall in Marcos Highway in Cainta, Rizal, which is among the assets to be transferred to SLL. 

The mall has been appraised by Cuervo Appraisers Inc. at approximately P4.8 billion and is currently mortgaged to BDO-PCIBank and the Bank of the Philippine Islands.

SLL also approved a plan to undertake a follow-on offering of its shares pending application for increase in authorized capital stock. 

On July 16, 2007, shareholders of SLL approved the increase in capitalization from P2 billion to P16 billion and the subscription by SLR to P10 billion out of the increase in the authorized capital.

The board of SLL also approved the apppointment of Sebastian Liganor Galinato & Alamis Law Offices as special counsel for the issuance of shares to SLR and the additional public offering. 

SLL likewise approved the filing of a request with the PSE for the lifting of the voluntary suspension of trading of its shares effective immediately.

Owned by the Robles family, SLR began as a developer of residential subdivisions in 1972 under the name Buen-Mar Realty. It has likewise set itself apart as the country’s leading golf and country club developer.

Among its projects include residential estates in Metro Manila, Cavite, Laguna, and Batangas, as well as emerging areas such as Rizal, Pampanga, Cabanatuan City and Pangasinan, In the Visayas, the company has also spurred the creation of thriving communities in Cebu, Bacolod, Mindanao, Davao, Cagayan de Oro and Iloilo.

The group has also diversified into the development of leisure projects to boost its profitability. It has successfully completed and operated beach clubs such as Vistamar Beach Resort in Cebu City; Club Morocco Beach Resort in Subic, Zambales; and Acropolis North Water Camp & Country Clubs in Cabanatuan, Nueva Ecija. Its most recent acquisition is the Southwaters Resort in Lucena, Quezon Province.