Sta Lucia to buy lots in four provinces

MANILA, Philippines - Real estate developer Sta. Lucia Land Inc. (SLLI) of the Robles family is acquiring almost P90 million worth of lots in four provinces as part of its efforts to take advantage of the property boom.

The property firm also launched a P1-billion share buyback program given the company’s intention of supporting its share price.

In a regulatory filing, SLI said it secured the board of directors’ approval to acquire P87.11 million worth of parcels of land in various provinces.

Specifically, it will expand current projects by purchasing 24,578 square meters (sqm.) of lot worth P7.37 billion in Sun City Davao; 51,500 sqm. lot worth P51.5 million in Golden Meadows Sta. Rosa, Laguna; 32,213 sqm. property worth P22.61 million in Greenwoods South Batangas; and 9,421 sqm. lot worth P5.62 million in Lipa Royale Batangas.

In the same disclosure, SLLI said it secured the board of directors’ “authority to purchase up to P1 billion worth of the issuer’s outstanding shares.”

“The management would like to have the flexibility to reacquire shares if it feels that the market price does not reflect the underlying value of the issuer,” SLLI said.

Based on the trading price of 60-65 centavos per share, SLLI targets to buy back more than three billion common shares representing 28 percent of the company’s outstanding shares.

The buyback will be supported by internally-generated funds, the property firm said, adding that the management will decide on the buy-back when the opportunity arises.

Last week, SLLI announced that it is holding preliminary discussions with listed horse racing operator Philippine Racing Club Inc. (PRCI) to jointly develop a subdivision project.

Under the proposed joint venture, PRCI would contribute several parcels of land that will be developed by SLLI into a residential subdivision. The land with an area of 537,011 sqm. is located in Cebu.

SLLI said it has also approved plans to enter into joint ventures, including the development of phase 2 of the Rizal Techno Park, Taytay; new projects in Puerto Princesa, Palawan, Davao and Cebu.