SEC OKs P60-M Sta. Lucia rental deal

Real estate property developer Sta. Lucia Land, Inc. (SLI) is set to roll out its P60.31 million rental pool program after the Securities and Exchange Commission (SEC) gave the green light under its Securing and Expanding Capital in Real Estate Non-Traditional Securities (SEC RENT) guidelines.

The regulator said on Thursday that the Commission En Banc rendered effective 16 registration statements covering 2,382 certificates of participation, pending compliance with remaining requirements during its 25 November meeting. 

“The rental pool arrangement is expected to gross up to P60.31 million, computed based on the remaining unsold units available, which will be used to cover the working capital for projects to be disbursed in 2025 and 2026,” the SEC said.

Certificates will be offered at P70,000 each for 2,101 studio units; P80,000 for 150 one-bedroom units; P90,000 for 121 two-bedroom units; and P100,000 for 10 three-bedroom units.

Fifteen projects under the program are located in Quezon City, Baguio City, Rizal, Cavite, Batangas, Palawan, Iloilo, Cebu, and Davao, and have been operating since at least 2011. A Cebu project is still under construction, expected to be completed by 2027.

Unit owners will share in net profits from pooled units rented as hotel rooms and enjoy 30 nights of personal use per year.

SEC Memorandum Circular No. 12, Series of 2024, streamlines registration for real estate firms offering investment contracts through rental pools.

Under rental pool deals, buyers contribute units to a managed pool and receive a share of profits from rentals.