Sta. Lucia to build residential, BPO project beside mall
Thursday, 24 September 2009 [ manilatimes.net ]
STA. Lucia Land Inc. plans to build residential and office buildings beside its mall in the province of Rizal.
“We are planning to expand our mall,” Exequiel Robles, president and chief executive of Sta. Lucia, said, referring to the Sta. Lucia East Grand Mall (SLEGM).
He said the 5-hectare parking lot would be transformed into residential and office buildings.
Robles said the office building would cater to business process outsourcing (BPO) companies.
He, however, failed to provide details, such as the cost of the project and the period for construction.
The property developer earlier launched La Breza Towers in Quezon City.
The 22-story building is estimated to cost about P500 million and will have furnished condotel units from the third to the seventh floors, and residential units from the eighth to the 20th floors. It will also include four bi-level penthouse units on the 21st and 22nd floors.
Robles said the project would be completed in 2011. The condotel is 60 percent to 65 percent complete.
He said the units would cost about P70,000 to P80,000 per square meter.
“Our target market is really the family of OFWs in neighboring provinces who want to own a house in Metro Manila,” he said.
This project is also the company’s response to the rising demand for high-end real estate in the city and to the influx of tourists visiting the area.
In a disclosure on Wednesday, Sta. Lucia clarified that its majority shareholder, Sta. Lucia Realty & Development Corp. (SLR), acquired the property five years ago, or before SLR transferred its assets to Sta. Lucia. Sta. Lucia said SLR “had no intention of immediately commencing the project at the time of the property’s acquisition.”