Cainta—(PHStocks)—During the Sta. Lucia Land Inc. (PSE: SLI) board of directors meeting held today, the company has acquired 31 properties totaling 53.66 hectares in key emerging cities such as Batangas, Laguna, Rizal, Quezon province, Baguio, Iloilo and Davao to continue its strategic growth by beefing up its landbank for future developments.
SLI has also sealed over 16 joint venture agreements totaling 97.28 hectares in Pasig City, Rizal, Batangas, Tagaytay City, Rizal, Nueva Ecija, Cebu, Iloilo and Davao.
This brings to a total of 4.736 million square meters of land acquisitions and 4.632 million square meters of joint venture agreements for year 2016 to date.
SLI also generated a net income of PhP534.1 million for the nine months ending September 30, 2016, posting a 4% increase from the same period last year. Total revenues increased by 5%, posting an increase in gross revenues from PhP2,252.9 million to PhP2,374.33 million. The stable growth in overall revenues is contributed by an increase in both real estate and rental operations of the Group. Increase in real estate sales was driven by strong performance in SLI’s property segment.
“This is SLI’s continuing commitment to the long term growth for the Philippine’s emerging cities,” according to EVP/CFO David Dela Cruz.