UNWAVERING surge of funds from Filipinos working overseas prompted publicly listed firm Sta. Lucia Land Inc. to expand its shopping mall, its president said.

“It’s still under the planning stage but, because there’s no slowdown in remittances from overseas Filipinos, maybe 2010, we’ll start expanding the [Sta. Lucia East Grand] mall,” Exequiel Robles told reporters on Friday after the launch of the company�s first high-rise residential project in Metro Manila.

According to Bangko Sentral ng Pilipinas data, money sent by overseas Filipino workers through banks in July amounting to $1.5 billion is the highest year-on-year growth figure at 9.3 percent.

Analysts have pointed to remittances to propel the country’s consumption amid a lackluster economic performance.

Robles said the initial plan is to build a residential and commercial building on the 5-hectare lot currently used partially as the mall�s parking lot.

“We’re eyeing Eastwood [City] as a model for development where there will be office buildings. The parking area will be included in the building plans.”

Robles added the expansion plan is linked to the company’s plan for a follow-on offer after a backdoor listing in the Philippine Stock Exchange last year.

However, he says he’s confident the company has enough cash and that the offer would only supplement the funding requirements for the expansion. “And the market’s not that attractive for a follow-on offering.”

Likewise, Robles said he is more concerned on his mall’s pulling power.

“In the mall development business, the pulling power is really the size of the project.”

In addition, he said the mall should have an anchor like a department store, supermarket, a cinema, or hardware store.

“If there are no anchors, the specialized shops would have difficulty in generating sales.”

Robles pointed to Megaworld Corp.’s Eastwood City development project in Quezon City, saying it “has no anchor but it has the location.”

However, he added that the company is focused more on finishing its three high-rise residential projects, one of which is a 22-story condominium hotel in Quezon City.

Robles said they expect this and another high-rise residential project in Cebu to be completed by 2011. Their first vertical project, also in Cebu, is expected to be completed next year.

“We know the money is in the high-end market but the competition is stiff here compared with Cebu. So we’d rather focus on the upper segment of the middle-income earners.”

Robles said they are also banking on the cash-filled return migrants for their Quezon City project that offers migrant workers an investment opportunity.

The company estimates that at a total investment of P2.89 million in the condotel project, an annual return of investment of a low 4.97 percent to a high 6.08 percent could be expected.

Called La Breza Towers, Robles said they are spending P500 million in this new development project.