ITALPINAS LAYS OUT PLANS FOR ANNUAL STOCKHOLDERS' MEETING
“We are planning to launch phase two of Primavera City in Cagayan de Oro and also Miramonti in Batangas Phase 2 because our sales are doing well,” Architect Nati said during the company’s Annual Stockholders’ Meeting last October 17, 2018, at Manila Polo Club, Makati City.
Succeeding unprecedented sales with IDC selling out P400 million worth of units in Miramonti (45% of the project); and P672 million worth of units for Primavera City’s (82%) first phase, Architect Nati confirmed that IDC plans to launch the Phase 2 for both Primavera City (Cagayan de Oro City) and Miramonti (Sto. Tomas, Batangas).
“We are focusing now in a fundraising activity so we can acquire more land and develop more projects in strategic areas as we have done so far. So the land acquisition will follow our proposition which is developing emerging cities,” he said.
Architect Nati also added that the company targets to raise PHP500 million from an offering of preferred shares to partly finance upcoming projects. Earlier this year, the company’s board of directors approved the conversion of up to 100 million unissued common shares into preferred shares.
Moreover, he added that they will be working with banks for the rest of the funding. “We are also exploring new projects in different areas. We want to be a national company having projects in all the islands in the Philippines,” discloses Architect Nati as the company eyes further expansion in the Visayas islands, specifically in the Negros region.
The entire Miramonti will house 1,100 units across three towers standing. While Primavera City, a total of seven towers to be developed in four phases, will offer 1,400 units once completed. IDC President, lawyer Jose Leviste III, remained optimistic for the company’s business outlook for next year despite concerns on inflation and interest rates. “Of course inflation and interest rates will be part of the bigger picture but then, the organic growth and demand are still there so we are optimistic,” and further assured that the company’s development projects can help address the housing backlog in the country.
THEA FRANCESCA TABUDLONG || Content Writer & Marketing Support Assistant