Landbank grants P420 M loan to Green Developer

IDC partners with Land Bank of the Philippines for the Development of Miramonti Green Residence in Sto Tomas Batangas.March 15 – State-run Land Bank of the Philippines has extended a P420-million loan facility to Italpinas Development Corp. (IDC) to partially finance the land development and construction of 21-story mixed-use green building in Sto. Tomas, Batangas.

 The three-tower Miramonti Green Residences, strategically located in RFM Science Park/LISP III in Batangas is the Flagship project of IDC, next to Primavera Residences and Primavera City in Cagayan De Oro City.

This is the second partnership between Landbank and IDC after its tie up for the Primavera Residences Tower A.

IDC chairman and CEO Romolo Nati said the company is committed to build sustainable properties nationwide.

“I am beyond grateful that the Land Bank of the Philippines trusted and believed in the company’s mission in creating sustainable developments throughout the Philippines” said Romolo Nati, Chairman/CEO of Italpinas Development Corporation.

Landbank is set to fund the first phase of the project that involves one tower structure sitting on a podium to be built on a prime commercial lot of 2,057 square meters.