Robles allots P1.5B to expand Sta. Lucia’s land bank, projects
Property developer Sta. Lucia Land Inc. (SLI) targets to spend over PHP 15 billion in the next three years to support the rollout of more real estate projects, after posting record-breaking sales in the first quarter.
SLI President Exequiel Robles said its capital expenditure (capex) budget would be used to beef up its land bank and develop 25 projects.
Robles said the company, which had spent P5 billion over the last few years, is targeting to launch 10 projects this year to hit its 15-percent sales growth.
?This year and next year, we will focus on land development which means residential subdivisions. We have acquired many properties in Davao, Iloilo, Bacolod, Laguna, and Cavite, which we will open this coming year,? he told reporters over the weekend.
He said SLI would develop around 2,000 hectares of properties located across the country in the next three to four years. Sta. Lucia is planning to expand in Baguio City, Pangasinan, Quezon City, Marikina City, and Puerto Princesa in Palawan.
?You can see the economy is good, there is a market. Even before, there was a market but you see now (the market is) more bullish because there are many developers coming out, many developers are expanding. Our previous markets are still there — the OFWs (overseas Filipino workers) and call centers,? he added.
Robles bared the property developer achieved record-breaking sales in January to March quarter.
?Our sales are good this first quarter compared with last year. (Our sales grew) around 15 to 20 percent,? he said.
The company has over 40 development projects ongoing, which will add to its diversified portfolio. To date, SLI has over 210 projects across the country.
Robles said the bulk, or 80 percent, of its projects are located in the provinces.
SLI executive vice president and chief financial officer David Dela Cruz is optimistic about growth prospects, as most of the company?s projects were located in the provinces, where property prices were not likely to be volatile.
SLI is also banking on the decentralization push and the aggressive ?Build, Build, Build? infrastructure program of the government, which are seen to further unlock land values in the province. (PNA)