Sta. Lucia eyeing P2.7 billion loan from local banks

MANILA, Philippines — Listed real estate developer Sta. Lucia Land Inc. plans to borrow as much as P2.7 billion from local financial institutions to support its continuing expansion.

In a stock exchange filing, Sta. Lucia said its board approved resolutions authorizing the company to secure loans from various financial institutions.

These include a loan of up to P1.7 billion with Philippine Commercial Capital Inc., a loan of up to P600 million with Philippine Veterans Bank, a loan up to P350 million with Bank of Commerce and a domestic bills purchase line with a sublimit amount of P50 million.

The company plans to acquire parcels of land in Batangas with a total area of 16,323 square meters as well as in Davao del Sur with an area of 2,900 square meters.

It is also looking to enter into joint ventures for the development of projects located in Rizal, Antipolo City, General Santos City and Bacolod.

Sta. Lucia has historically adopted a joint venture business model where the company enters into joint venture arrangements with landowners for the development of raw land into future project sites in order to reduce land capital expenditures and substantial financial holding costs from owning land for development.

The company has accomplished a number of vertical projects located in Quezon City, Tagaytay, Rizal, Cebu, Davao and Palawan and various horizontal projects located in Tagaytay, Batangas, Cavite, Rizal, Tarlac, Laguna, Davao, Cebu, Iloilo and Palawan.

As of end 2023, it has developed over 12,000 hectares of land into over 280 projects strategically located in 13 regions and over 70 cities and municipalities in the country.