Friday, June 13, 2014
Since redeveloping Philippine Racing Club Inc’s (PRCI) racetrack facility in Santa Ana to The Circuit, a mixed-use development project with Ayala Land, PRCI is looking to cover even more ground outside of Metro Manila.
Sta. Lucia Inc (SLI) says they will enter a joint venture deal with PRCI on a development project in Cebu. While the terms of the new venture are still being negotiated, they have projected the developed area to be 537 011 square meters.
SLI and PRCI are no strangers to each other, as PRCI directors, Exequiel Robles and Santiago Cua, also serve as president and director respectively.
Sources also say that the venture will be a subdivision project that would be acquired and contributed by PRCI.
SLI is seeking to amend its articles of incorporation to extend its corporate term, which is due to expire by December 2016. The proposed amendment will allow the company to exist for another fifty years. SLI is also acquiring joint ventures for future growth, and have acquired land in Davao, Sta. Rosa Laguna, Greenwoods in South Batangas, Lipa Royale Batangas, Taytay, Palawan, Batangas, and Davao.
SLI broke ground last February with their latest project, a 20-storey condominium hotel (condotel) project at Punta Engano in Lapu-Lapu City, Cebu, called the Arterra Residences. It is a joint venture between SLI and Cebu Discovery Bar Properties. Leizl Tuason-Magpoc, Chief Executive Officer and Executive Vice President of SLI, says it is the company's most ambitious project. They expect the project to be completed by December 2016, with turnover and condotel operation date scheduled in the first quarter of 2017.
The Business Mirror also reports that while SLI saw a slight decline in profits in 2013, they remained steady with earnings of P300 million.