Italpinas to focus on emerging locations for its next projects

BOUTIQUE property developer Italpinas Development Corp. said it will still focus on emerging locations for its projects to keep ahead of its much larger competition.

“We want to expand in other locations and consider broadening our scope in real-estate products offered, according to opportunities presented in delivering our unique development philosophy with key markets,” Romolo Nati, the company’s chairman and CEO, said.

“We focus on emerging locations ahead of competition,” he said.

The company, whose current main projects are high-rise developments, said it is now considering going into horizontal developments.

These projects will still carry its core design of environment-friendly and ways to save on energy costs.

“In whatever market we serve, and with any style of project development such as high-rise, or horizontal, these core values remain constant,” company President Jose D. Leviste III said.

The company, meanwhile, has declared up to 35-percent stock dividends. The payment will come from retained earnings as of December 31, 2018, and will be issued to shareholders as of November 20 with payment date on December 16, 2019.

“This is the second time in less than five years that we declare stock dividends. Our stock has really grown a lot,” Nati said.

The company gave 45-percent stock dividends in 2017 and 35-percent stock dividends this year, in 2019. Nati said since 2013, its net income has been doubling ever y year, even if it is coming from a small base.

“Our net profit has been doubling in the last years. Our target is to continue achieving steady and well-considered growth every year,” he said.

From a net income of P5.3 million in 2013, the company’s profits reached P120.56 million last year.

Nati said as of September, the company has sold more than 95 percent of residential condominium project called Primavera City in Cagayan de Oro. The company also launched its Citta Bella at Primavera City Phase 2, and opened up residential units for sale.

It is also preselling its Miramonti Green Residences, its third project in Santo Tomas in Batangas.

“To date, the combined revenue of these two condo projects has reached more than P1.45 billion,” Nati said.

The company currently only has two major projects.

Primavera City in Cagayan de Oro is a cluster of seven buildings to be developed in four phases. VG Cabuag