Sta. Lucia eyes 20 project launches in ’25
Sta. Lucia Land Inc. (SLI) plans to launch at least 20 new projects this year, including a successor to its 34-year-old mall in Cainta, Rizal as part of its expansion across the country to address growing demand outside the National Capital Region.
SLI president Exequiel Robles told reporters last week that most of their project launches would be horizontal developments in areas beyond Metro Manila, including three subdivisions in Siargao Island, one of the country’s tourist hotspots.
Other horizontal projects will also rise in Iloilo and Pangasinan, Robles said, as well as a hotel and condotel in Baguio City.
The company is likewise in the process of securing final permits before opening a 40,000-square-meter mall in Davao City, its second after Sta. Lucia East Grand Mall.
Sta. Lucia Davao Mall’s projected gross annual leasing income is pegged at about P100 million to P140 million.
The Davao project is slated to help increase the company’s leasing income, which accounted for 5.92 percent of SLI’s P9.37-billion revenue in the first nine months of 2024.
While they already have land ideal for malls in other locations, Robles said that they have yet to discuss plans about a third major commercial development.
“We have properties along highways in Iloilo City and in [General Santos City], but it is still too early to build a mall,” he said during a media conference.
SLI, whose projects are mainly subdivisions in the middle-income segment, plans to spend up to P5 billion this year to acquire land in key locations, including Laguna, Batangas, Bulacan, Davao and South Cotabato.
The company will also pursue joint ventures in Cebu, Iloilo and Davao to develop land and expand existing projects.
With more than 20 project launches expected this year, SLI is anticipating a 20- to 25-percent growth in its revenues.
David dela Cruz, SLI chief financial officer, said they would tap P3 billion from the company’s loan facility with China Banking Corp. and Rizal Commercial Banking Corp. in March to refinance existing debt and bankroll expansion plans.
Asked whether they planned other fundraising activities this year, Dela Cruz said: “Not in the near future. Maybe for refinancing in the fourth quarter … we’re just concentrating on developing.”
As of end-2024, SLI had 313 projects spanning around 12,000 hectares of land in 70 cities and towns.
