PROPERTY developer Sta. Lucia Land, Inc. said on Friday that its board had authorized management to secure a P7.5-billion credit line from various banks to fund the development of six new projects in Luzon and the Visayas.
In a disclosure, the company said that it was planning to enter into joint ventures to develop several projects in Luzon and Iloilo with an aggregate size of about 930,000 square meters (sq m) of land.
The developments include a 500,000-sq m project in Iloilo; a 244,914-sq m project in Batangas; an 80,000-sq m development project in Cavite; a 58,230-sq m site in Rizal; a 34,505-sq m development in Laguna; and a 12,857-sq m project in Pampanga.
For the planned credit line, Sta. Lucia said it plans to secure up to P6 billion from Rizal Commercial Banking Corp. and China Banking Corp. at P3 billion each.
Another P1 billion will be secured as a short-term line from Philippine National Bank through its trust banking group, while a short-term loan of up to P500 million will be sought from CTBC Bank (Philippines) Corp.
Meanwhile, the property developer also approved the registration of its Nasugbu Newtown Center Batangas and Eagle Ridge Commercial Town Center General Trias with the Philippine Economic Zone Authority.
The board also approved the distribution of P0.04 in cash dividends totaling P332 million to shareholders on record as of November 28, 2024. The dividends will be drawn from its unrestricted retained earnings and are to be distributed not later than December 20.
Sta. Lucia shares dipped 0.34 percent to close at P2.9 each on Friday.
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