Going green in the City of Golden Friendship
Green property developer Italpinas Development Corp. ( IDC) launched recently a new groundbreaking project – Primavera City – in Cagayan de Oro City, a fitting follow- up to the company’s multi- awarded Primavera Residences.
IDC chairman and COO Romolo Valentino Nati said the first phase of the Primavera City project will involve the construction of two towers of integrated multifunctional buildings for commercial, office and residential use with 11 floors each.
Located at the Pueblo de Oro Business Park, Upper Carmen near the SM mall in the City of Golden Friendship, the project entails an investment of P670 million.
“This is a fitting follow-up to our highly successful and multi- awarded Primavera Residences, which caught the fancy of not just Filipino but even foreign buyers and property experts for its modern Italian design infused with ecofriendly architecture,” Nati, an Italian architect, said.
Construction for Phase 1 of Primavera City starts this quarter, while completion and turnover of units to homeowners will be by the third quarter of 2018.
The two towers of Primavera City will contain 3,000 square meters of office space that will be offered to business process outsourcing firms, said IDC president Jose Leviste III.
Leviste said there would be 163 units for Tower 1 and 166 units for Tower 2.
It will be constructed at a cost of P670 million, including the land, for which company already secured a P350-million loan from state-owned Development Bank of the Philippines.
Average unit sizes are 50 to 60 square meters ( sqm) for commercial units, 28 sqm for studio-type units, 47 sqm for the single-bedroom units, and 70 sqm for the two-bedroom units.
Nati said the company hopes to generate P1.4 billion in sales from the units of the two buildings.
IDC made its mark in the real estate industry as the first Philippine company to receive a green-building certification from the International Finance Corp. (IFC) – World Bank Group Excellence in Design for Greater Efficiencies (EDGE) for its flagship project also in Cagayan de Oro City, the Primavera Residences.
Nati said Primavera City is envisioned to be another award-winning sustainabledevelopment project, with its green features.
These include increased natural ventilation, shaded façade and semi-transparent photovoltaic panels covering the amenities located on the rooftop, among others.
The project has been recognized as highly commended condo by the Climate Technology Initiative Private Financing Advisory Network (CTIPFAN) in Singapore.