Italpinas secures P420-million LBP loan for mixed-use project in Batangas

ITALPINAS Development Corp. (IDC) has secured a P420-million term loan from the Land Bank of the Philippines (LBP) for the financing of its mixed-use project in Sto. Tomas, Batangas.

In a statement issued Wednesday, IDC said the loan from LANDBANK will finance the first of two phases of Miramonti Green Residences, which will include a tower offering 352 residential units, 20 commercial spaces, and 88 parking slots. The tower will stand on a commercial lot covering 2,057 square meters (sq.m.).

IDC disclosed in an earlier statement in October 2017 that the first tower will cost P780 million, and is targeted to bring P1.4 billion in revenues.

“I am beyond grateful that the Land Bank of the Philippines trusted and believed in the company’s mission in creating sustainable developments throughout the Philippines” IDC Chairman and Chief Executive Officer Romolo V. Nati was quoted as saying in a statement.

The Miramonti project will have a total of three towers, featuring green and environment friendly technologies such as a water recycling system intended to reduce water consumption, and passive green design features to increase natural ventilation.

Amenities include a swimming pool, jogging path, and a multipurpose hall. IDC will also be tapping a professional property management firm to maintain and manage the buildings.

The developer, which is listed on the Small, Medium, and Emerging Board of the Philippine Stock Exchange, said the project will target the growing work force who are choosing to reside in Sto. Tomas, which is also seen as a gateway to Laguna.

“With this, Miramonti is a timely project to aid the needs of the growing investment hub and booming industrialization in the area,” the company said.

IDC said this is the second time it has partnered with LANDBANK for the financing of its projects, with the first being Primavera Residences Tower A in Cagayan de Oro City. Primavera is also a mixed-use project housing retail, office, and residential aspects. Residential unit sizes, from studio to two- bedroom units, range from 27 sq. m. to 48.50 sq.m.

Incorporated in 2009, IDC’s core business is to develop real estate properties using knowledge in architectural design, market and demographic strategy, and project development and sales. Moving forward, IDC looks to expand into other emerging cities such as Dumaguete, Davao, Mindoro, Pangasinan, and Subic or Bataan.

IDC’s net income jumped 83% to P22.8 million in the first nine months of 2017, against the P12.4 million it delivered in the same period in 2016. This came amid a 46% decrease in revenues to P123.4 million for the January to November period. —