Italpinas net profit sees 114% surge in H1
Green developer in Cagayan de Oro, Italpinas Development Corp. achieved 114% growth in its net income. This is equivalent to P19.4 million realized in the first half of 2017 compared to the P9.1 million net profit last 2016, according to Romolo Nati, the company’s chairman and CEO.
In a disclosure to the Philippine Stock Exchange, IDC’s revenues surged to 44.8 percent or 84 million for the first half of 2017. Major contributor to the increase comes from the realized sales of the first phase of Primavera City, the follow-up project after the award-winning Primavera Residences.
Primavera City was opened for sale last June 2016, and it now enjoys 81 percent or 114 sold out residential units for the Primavera City Tower A. IDC’s Primavera City Tower B launched last March of the year. As of June 2017, the company sold 28 residential units or 20 percent of the saleable units out of available 141 units.
Primavera City is designed as a seven-tower development. The first phase of the project consists of Tower A and B, which are scheduled to be completed in the year 2018. Its seventh tower, the final one to be built, is planned to be a high rise hotel, and an icon of the new and modern face of uptown CDO.
Towers A and B together will consist of 281 residential units including studio, one-bedroom, and two-bedroom units, with the option for larger configurations to be custom designed upon request. They will also have 9 commercial units, 8 restaurant units and 41 office spaces respectively.
Built with cutting-edge green design strategies, Primavera City will harness the principles of passive cooling technology: shadow and sunlight control, wind cooling and shape performance. It will feature renewable energy semi-transparent photovoltaic panels on its rooftop. It will also introduce water recycling for building maintenance and landscape irrigation.