Property developers Sta. Lucia Land Inc. and Araneta Properties Inc. are teaming up for a 58-hectare residential project in San Jose del Monte City, Bulacan.
SLI said in a disclosure to the stock exchange the project would involve the joint development of a 580,154-square-meter land in Barangay Tungkong Mangga in San Jose del Monte.
Under the joint venture, Araneta Properties owns the land while SLI will develop it into a residential subdivision.
SLI said the joint venture partnership is a part of the company’s expansion in Bulacan province.
It said that under the agreement, 60 percent of the net saleable area would be owned by SLI, while 40 percent would go to Araneta Properties.
SLI’s obligation to develop the project will start immediately upon the turnover of the property by Araneta Properties. This would follow the procurement of a conversion or exemption clearance from the Department of Agrarian Reform and the issuance of the development permit.
SLI said it was aiming to complete the project over the next four years, starting from the date of procurement of the development permit.
SLI said it was ramping up its expansion program with previously announced P20 billion in capital spending over the next three years.
It said at least P16 billion of its capital spending budget would be used to develop a robust pipeline of projects in key locations within and outside Metro Manila, including Bulacan, Rizal, Batangas, Iloilo, Pangasinan, Palawan, Cebu and Davao.
SLI is set to launch 28 residential and commercial projects and five condominium/hotel projects this year. These projects are expected generate some P20 billion in reservation sales over the next three years.