Italpinas launches first phase of Luzon expansion
ITALPINAS Development Corp. (IDC) is stamping its presence in Luzon with the launch of the first phase of Miramonti, which includes a P780-million tower located in Sto. Tomas, Batangas.
In a statement issued over the weekend, IDC President Jose D. Leviste III said Miramonti will be the listed property firm’s biggest project to date, slated to bring in revenues of P1.4 billion.
“Miramonti is the biggest project we have so far at IDC. We are looking forward to serving Luzon for the first time. We have met with the brokers and they are very excited as well to market the project,” Mr. Leviste was quoted as saying in a statement.
IDC Chairman and Chief Executive Officer Romolo Nati noted that the company was waiting to secure its license to sell before formally launching the project. It has been granted permits and other documents.
Miramonti marks IDC’s third project after Primavera Residences and Primavera City in uptown Cagayan de Oro. The project will feature green strategies and the company’s authentic Italian design.
“We chose Batangas because the place is booming. It is one of the most progressive provinces in the country. The strategic location of Sto. Tomas is one thing that attracted us. It is near to industrial parks and it has an amazing view in 360 degrees,” Mr. Nati said.
Mr. Leviste added that the project’s accessibility will be one of its defining characteristics, given that it is located “right at the hub of these expressways connecting to the Metro area.”
Miramonti will have a total of three towers developed in three phases, with the first phase covering an area of 2,057 square meters. This will offer 352 residential units, 14 commercial units and 88 parking units. Amenities will include a fitness center, swimming pool and playground, among others.
IDC has tapped Damiani Property Management and Services, Inc. to be Miramonti’s property management partner, which will give buyers the option to rent out their properties to other people, giving them passive income.
The company is also looking at other emerging cities in the county such as Dumaguete, Davao, Mindoro, Pangasinan and Subic or Bataan for future projects.
IDC reported a 114% increase in net income for the first half of 2017 to P19.4 million, on the back of a 60.9% increase in revenues to P94.87 million.
Shares in IDC added five centavos or 0.99% to P5.10 apiece at the Philippine Stock Exchange last Friday. — Arra B. Francia. Published in the BusinessWorld.