Residential sector to stay resilient

Sta. Lucia Land Inc. (SLI), the listed subdivision developer, expects the residential sector to continue growing this year despite the ongoing pandemic.

David Dela Cruz, EVP and CFO said SLI remained resilient despite the challenging business environment.

“Even with the decline in real GDP along with the contraction of overall activity, SLI displayed continued resilience in its operational and financial performance. Its strong balance sheet coupled with its well-positioned project portfolio was able to weather the worst of the crisis and is ready to capitalize on opportunities once recovery is underway,” Dela Cruz said.

SLI posted a net income of P1.3 billion in the third quarter of 2020, an improvement from the P1.12 billion posted a year ago.

At present, SLI’s project portfolio, currently at 99 ongoing projects as of December 2020, has a total gross area of 1,617 hectares and is predominantly horizontal in nature.

SLI also presence all over the country, including major areas such as Rizal, Laguna, Cavite, Batangas, Bulacan, Pampanga, Tarlac, Baguio, Palawan, Bacolod, Iloilo, Cebu and Davao.

It still has a significant land bank earmarked for future development at 935 hectares as of end 2020.

Data from the Bangko Sentral ng Pilipinas (BSP) in its report dated Dec. 23, 2020 cited that prices in areas outside the National Capital Region grew in the third quarter or up 6.4 percent year on year.

“This, along with the increase in net income in the third quarter of 2020 year on year by 16.5 percent, is a testament to the resiliency of the company and the overall horizontal residential real estate sector,” SLI said.

SLI is a nationwide builder of master-planned communities in the countryside. It is not only mindful on the potential impact of this infrastructure initiative on its current portfolio, but is likewise ready to take on more projects that would enhance the development in the provinces and the countryside by continuing to extend its legacy.

Its portfolio consists of horizontal and vertical properties across the country, as well as a shopping mall in Cainta, Rizal named Sta. Lucia Mall with clients comprising families, overseas Filipino workers, foreign investors, retirees, young urban professionals, and newly-married couples, among others.

The company has two subsidiaries, namely, Sta. Lucia Homes Inc. (SLHI) and Santalucia Ventures Inc. (SVI). SLHI is engaged in property development and construction, while SVI is engaged in marketing and advertising.