To generate operating capital for its ongoing projects, listed firm Sta. Lucia Land Inc. has resorted to selling two prime Makati properties.

The adjacent lots, located at the heart of the Makati Central Business District on Ayala Avenue, cover an aggregate area of 2,400 square meters. The said property is the site of the still-unfinished Associated Bank Building.

Sta. Lucia Land said the property is suited for high-end commercial buildings, which is not their expertise.

Based on the assessment made by Asian Appraisal Co., Inc. in March 1996, Sta. Lucia Land said the fair-market value for the lots amount to P960 million. It didn’t say if this will be applied as the selling price.

“The terms and details of such disposal are still under discussion,” the company said in a disclosure with the stock exchange.

The company has an array of subdivision lots, commercial properties for development and joint-venture projects. There are also plans for future expansion of its mall to include a residential condominium and office buildings for the business process outsourcing clients.

The listed firm will also embark on building-horizontal projects with housing as an added component to enhance its foothold on the property market. In addition, there are plans to develop low-rise medium-sized vertical/condominium projects in some commercial properties injected into the company.

“There are plans to build medium-sized malls on two of the commercial properties to cater to the growing needs of the community where the infused properties are located,” it added.

Sta. Lucia Land is 50.2-percent owned by Sta. Lucia Realty and Development Inc., (SLRDI), led by businessman Exequiel Robles. Last year, SLRDI infused some of its assets into Sta. Lucia Land in exchange for the subscription of 10 billion shares in the latter.

Alongside the asset infusion, which included the Sta. Lucia East Grand Mall, was the increase in Sta. Lucia Land’s authorized capital from P2 billion to P16 billion.

Sta. Lucia Land was formerly known as Zipporah Realty Holdings, Inc.

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To generate operating capital for its ongoing projects, listed firm Sta. Lucia Land Inc. has resorted to selling two prime Makati properties.

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