PROPERTY developer Sta. Lucia Land Inc. on Monday said it has fresh acquisitions and joint-venture agreements with various parties in key provincial areas this year as it maintains its development foothold in second- and third-tier cities.
The company said it has increased its land-banking activities in Cavite, Laguna, Batangas, Rizal, Baler, Palawan, Iloilo, Cebu, Davao and Silay City in Bacolod. In Metro Manila, the company is looking to expand in Marikina and Quezon City.
“We are ever mindful of the opportunities presented in our industry and in our economy, as well. We are very excited with the government’s P1.8-trillion “Build, Build, Build” infrastructure initiative, as this will interconnect the entire country and, therefore, is aligned to our vision of developing quality real-estate projects all over the Philippines,” company President Exequiel D. Robles said.
“This master plan will increase the GDPs in areas outside Metro Manila, which currently account for over 36 percent of the nation’s GDP. Seventy-five percent of the cost will be allocated towards boosting economic activities in areas, such as Pampanga, Cavite, Laguna in Luzon; Cebu, Iloilo and Negros in the Visayas; and Davao in Mindanao—areas where the Sta. Lucia group has a strong presence,” Robles said.
Sta. Lucia will mark its official foray in the office-space development with the completion of the six-story Sta. Lucia Business Center by the fourth quarter of 2018.
The business center, which will offer over 10,000 square meters of leasable office space, formed part of the company’s diversification plan to tap new growth areas in property development.
“Recurring revenue is also a subsector where we have set as another growth driver. Our new Sta. Lucia Business Center has begun construction and is our official entry into the office market. It will also connect to the ongoing LRT 2 [Light Rail Transit Line 2] and shall provide commuters in the area a convenient access to our commercial assets,” Robles said. The Sta. Lucia Business Center, which will be connected to the ongoing LRT 2 extension project, will be located along Marcos Highway. The first two floors would be dedicated for retail shops, while the third to sixth floor will be leased out as offices. This center is envisioned to jump-start the development of Cainta as a business hub.
The property developer is also banking on the government’s ambitious infrastructure program, or the Build, Build, Build campaign, to help unlock values in key provinces where a large portion of its existing projects are located.
In the first quarter of 2018, Sta. Lucia posted 32-percent increase in income to P265 million on the back of a 25-percent year-on-year increase in revenues to P974 million.