Sta. Lucia Land, Inc. Approves to Enter into Joint Venture with Sta. Lucia Realty & Development, Inc
March 12, 2021 at 11:05 am IST
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At the Special Meeting of the Board of Directors of Sta. Lucia Land, Inc. held on 12 March 2021, approved to enter into joint ventures involving the following: Development of a project located in Rizal with an area of 5,866 sq.m.; development of a project located in Davao del Sur with an area of 10,000 sq.m.; development of a project located in Lapu-Lapu City with an area of 71,047 sq.m; and development of a project located in Batangas with an area of 216,787 sq.m. The board also approved to enter into joint ventures with Sta. Lucia Realty & Development, Inc., the terms of which were duly reported to, and approvedby, the Related Party Transactions Committee pursuant to the Corporation's Material Related Party Transactions Policy, involving the following: Development of a project located in Cavite with an area of 39,076 sq.m.; development of a project located in Rizal with an area of 526,270 sq.m.; and development of projects located in Batangas with a total area of 427,952 sq.m.
Sta. Lucia Land, Inc. is a Philippines-based developer of residential communities, with a portfolio consisting of developments that include residential, commercial, and retail assets. Its segments include Leasing and Residential Development. The Leasing segment consists of the investment properties, which includes properties held to earn rentals and are not occupied by the Company. The Residential Development segment is engaged in the development and selling of subdivision lots and condominium projects across the Philippines. Its residential projects include horizontal developments, which consist of residential lots for sale in gated subdivisions complete with facilities and amenities; and vertical developments, which comprises townhouse projects, condominium projects and condotel projects. Its commercial properties include malls, business centers, and commercial lots. Its townhouse projects consist of residential housing units, including independent and identical houses.