Real estate developer Sta. Lucia Land Inc. has secured the nod of its board of directors to secure P6 billion worth of loans and credit facilities from China Banking Corp.
The loan will be used to fund SLI’s strategic land acquisitions and future project developments.
In a disclosure to the stock exchange, SLI of the Robles-Santos group said the board approved the acquisition of 323,413 square meters of land in Batangas and Laguna.
The board likewise authorized the company to enter into joint ventures involving the development of properties in Rizal, Batangas and Cotabato.
SLI’s continued expansion reflects its bullishness on the real estate market despite the challenges posed by the pandemic.
In the nine months to September last year,SLI reported a 44 percent jump in net income to P1.84 billion on the back a 26 percent growth in revenues to P5.74 billion.
SOURCE: Bilyonaryo
