Italpinas sees P3-B sales from 2 developments

LISTED Italpinas Development Corp. (IDC) expects to generate P3 billion in sales from two property projects that will be launched next year, its top official said on Monday.

IDC Chairman and Chief Executive Officer Romolo Nati said the company is gearing up to introduce in the local market phase two of Miramonti Green Residences and phase three of Primavera City within the first half of 2020.

IDC broke ground on the Miramonti Green Residences in Sto. Tomas, Batangas in June 2018, marking the company’s first attempt to enter the Luzon market.

“There are two phases in [the] Batangas project. Phase one is under construction at the moment and we’ve already sold 50 percent. It should be completed before year end of 2020,” he said following the firm’s annual stockholders’ meeting in Makati City.

“We are finalizing the plans for phase two, which should be much bigger because the property size of phase one is just a thousand square meter[s] (sqm), while the phase two has a lot size of more than 5,000 [sqm],” Nati added.

The Miramonti Green Residences’ phase two will have two towers, the real estate executive said, noting the first tower, which will be launched in the first quarter of 2020, can generate P1.8 billion.

Primivera City, meanwhile, a mixedused condominium project, is in Cagayan de Oro City. Phase three of the development, called Citta Grande, may bring in “around P1.2 billion,” Nati told reporters.

IDC is targeting to launch Citta Grande by “first or second quarter” of 2020, he added.

Nati was also keeping his bullishness for the company’s financial performance this year after its earnings in 2018 doubled to P120.56 million from the P59.9 million posted a year earlier.

Founded in 2009, IDC is focused on sustainable property developments in emerging cities across the Philippines.

Shares in IDC fell 23 centavos or 3.37 percent to finish at P6.60 each on Monday.