Sta. Lucia Land Inc. is partnering with Araneta Properties Inc. to develop a subdivision in Bulacan.
Sta. Lucia said it shall commence development of the 58-hectare property “immediately upon the peaceful turnover of the property, upon procurement of a DAR (Department of Agrarian Reform) conversion or exemption clearance (if applicable or required) and upon the issuance of the development permit.”
Araneta Properties will contribute the land while Sta. Lucia will be responsible for the development. About 60 percent of the net saleable area will be owned by Sta. Lucia while 40 percent will be owned by Araneta Properties, and select lots equally owned by the two firms.
“Sta. Lucia guarantees completion of the development work, except for the completion of electrical facilities, if not prevented by force majeure or fortuitous event or by competent authority, within four years from the date of procurement of the development permit to be issued by the local government, the company said.
The transaction is part of Sta. Lucia’s expansion in Bulacan.
In August, Sta. Lucia said it plans to raise as much as P8.14 billion.