PUBLICLY listed SOC Resources Inc. (SOC) announced on Friday it secured a credit line from China Banking Corp. for its wholly owned subsidiary, SOC Land Development Corp. (SOC Land).
SOC, formerly South China Resources Inc., said in a disclosure to the Philippine Stock Exchange its board of directors have agreed to act as surety for SOC Land.
SOC Land is the developer since 2011 of 2.4 hectares of land near Sucat Interchange, the company’s first project which costs P2 billion.
SOC Land said in a separate report to the Securities and Exchange Commission (SEC) it targets the project, which is also composed of four tandem buildings, for completion within this year or early 2016.
As of December 31, 2013 and 2012, structural works had an accomplishment rate of 86.71 percent and 54.7 percent, respectively, the company’s financial statement submitted to the SEC said.
The company had also ventured into the horizontal development arena.
SOC Land said in a note to its financial statement it has acquired a property in Biñan, Laguna, “and will be the first house and lot and lots-only project of the company that will be known as Althea Residences.”
With a total of 214 lots—43 commercial and 171 residential lots—Althea is positioned to cater to the middle-income market with competitive pricing, SOC Land said.
The disclosure on March 6 added that SOC Land “has recently obtained an Omnibus Line and Bills Purchase Line from the China Banking Corp.”
This comes a year after Malayan Bank said it has accredited Anuva, SOC Land’s maiden project.
“The said decision of the board of directors of the corporation is in line with its continuing efforts to ensure the success of its subsidiary, especially with the latter’s real estate and development projects,” the company’s disclosure said.
SOC Resources Chairman Edgardo P. Reyes was quoted in the disclosure as saying he “sees this effort as an important aspect in enhancing both the corporations’ shareholder value.”
Dennis D. Estopace