Sta. Lucia plans condotel in Silay
STA. LUCIA LAND, Inc. is looking to build in Silay City, Negros Occidental a medium-sized condotel, which its president believes would be a pioneering project in the culture-rich city known for its ancestral homes.
Sta. Lucia President Exequiel D. Robles said his plan, although for the long-term, will form part of the 67-hectare La Alegria project of the company in partnership with a local property developer.
“For now, the project is focused on land development,” he said in an interview on the sidelines of La Alegria’s launch last week.
La Alegria is offering 1,101 residential lots with sizes ranging from 150 square meters (sq.m.) to 300 sq.m., and 83 commercial lots, ranging from 500 sq. m. to 1,000 sq. m. Lot prices start at around P4,000 to P5,000 per sq.m.
“But later on, I have an area there, the corner lot, which I have reserved for commercial purpose. I might build a condotel or a hotel,” he said in Filipino.
Although La Alegria is largely being developed for its residential lots, Mr. Robles has reserved about a hectare fronting the main road for commercial projects, specifically for retail, office or condotel development.
While he was not aware of other commercial projects in Silay City, aside from a proposed theme park that has yet to start, Mr. Robles said the proposed condotel, or a condominium being operated as a hotel, would be “pioneering” in the area.
The land on which La Alegria is to be developed is owned by local company Claudio Lopez, Inc., a family-owned real estate firm in Negros Occidental.
Claudio Lopez’s first venture was in 2010 when it built a subdivision catering to the middle and upper market segments. Its second project — a socialized and economic subdivision — started in 2014.
Like Sta. Lucia, Claudio Lopez has a share of the commercial lots, which the developer has not sold.
“We held on our share. Hindi namin binenta ( We did not sell),” said Michael J. Valderrama, general manager of Claudio Lopez. “Hopefully, magawa naming (we can turn it into a) commercial (development).”
Mr. Valderrama said the company will consider the best option for its share in the La Alegria project within the next five years.
Sta. Lucia expects 50% of the lots being offered under La Alegria to be sold within a year from its official launch on Sept. 8. The company has placed the development cost of La Alegria at around P400- P500 million, which will cover the construction of facilities, electrical and water lines, drainage and the man-made lake.
“Right now, the concentration really is on residential development. So we’ll keep the commercial properties maybe at bay first,” said David M. dela Cruz, Sta. Lucia executive vice-president and chief financial officer.
“We’re still thinking about what strategies [are] best suited to maximize these commercial properties,” he said.
The options are either to lease them out to bigger retailers, an outright sale or to operate the properties and replicate the company’s experience in the Sta. Lucia Mall in Cainta, he said.