Answer: Cordyline stricta is also sold as Dracaena and is sometimes called Narrow-leaved palm lily. Whatever name you call it, it is a spectacular houseplant. Set it in a brightly lit area (the brighter the light, the deeper the color). Water when the top half inch of soil dries out, and be sure to water thoroughly when you do water. You can replant it in a slightly larger pot using fresh potting soil. Moisten the soil first so it's easy to use. Water throughly after repotting. You can feed every 2-3 weeks with a half strength solution of water soluable fertilizer (Miracle-Gro, Schultz's or Peter's).
Best wishes with your new plant!
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