Italpinas sets 12 B-13B capex for 2019

Italpinas Development Corporation (IDC), a local real estate firm focused on the provinces, is looking at capital expenditures (capex) of billion to billion next year as it continues to expand its portfolio.

In an interview after the firm’s annual stockholders’ meeting, IDC Chairman Romolo Nati said the amount will be used for the continued expansion of their projects in Cagayan de Oro City and Sto. Tomas, Batangas.

“We are planning to launch phase 2 of Primavera City (CDO) and also Miramonti (Batangas) phase 2 because our sales are doing well,” said Nati.

He added that part of the capex will also be used for land banking as they aim to expand to other provinces, particularly in the Batangas as well as in the Visayas and Mindanao. “We want to be a national company,” Nati said noting that, for the Visayas, IDC is looking closely at Negros, specially in Bacolod and Dumaguete, as well as Iloilo. Nati said IDC has exceeded its initial sales targets for 2018 with the first phase of Primavera City almost sold out while Miramonti sold almost half its units in just four months.

For next year, IDC will be launching the second phase of Primavera which will offer about 300 more units in the four-phase development that will have a total of 1,200 units.

He said Miramonti will also be launching its bigger second phase next year which will generate about billion from the sale of residential units compared to billion from the first phase.

Part of next year’s capital expenditures will be funded by a planned offering of convertible preferred shares slated for the first quarter of 2019, said Nati. (JAL)