Italpinas earnings up 87% to P60 M last yr

Italpinas Development Corp., the listed green building developer in emerging cities, grew its net income by 87 percent to P59.9 million last year on the back of strong sales.

IDC chairman and CEO Romolo Nati said the company successfully met its sales targets “while keeping its direct cost at man- ageable level.”

The appreciation in fair market value of IDC’s investment properties amounting to P81.838 million also helped boost its net income, the company said.

Last year’s revenues came from Primavera City Phase 1, mixed-use condominium buildings comprised of twin towers with 11 floors.

The building is adjacent to the SM City mall at Pueblo de Oro Business Park, Uptown Cagayan de Oro City.

To date, 85 percent of Primavera City (Tower A) or 119 residential units out of the 140 saleable units, has been sold.

OIDC recently opened up Primavera City Tower B for sale, 40 percent or 57 residential inits had ben sold.

IDC’s gross income increased by 64.4 percent, better than the gross profit rate of 58.57 percent in 2016.

Phase 1 of Primavera City (which consists of seven buildings that will be constructed over four phases of development in Uptown Cagayan de Oro City) was partially funded by the Development Bank of the Philippines.

The project, which started construction in September 2016, is targeted to be completed before the end of 2018.

In Luzon, the company plans to launch its first project in Luzon Miramonti Green Residences (Phase 1) in the third quarter.

A 21-story green-residential condominium, Miramonti will offer 352 residential units and 14 commercial spaces slated for completion in the second quarter of 2020.

Miramonti is strategically located inside the Light Industry Science Park III owned by RFM Science Park in Sto. Tomas, Batangas.

Sto. Tomas increasingly serves as the gateway to the province of Batangas and the broader southern Luzon region toward the four major industrial parks in the area, as well as OFWs from the Calabarzon region who seek a profitable and easily managed investment property.