IDC Revenues Increased to over P373M for the 9-month period ending September 2018
Green building developer, Italpinas Development Corporation’s Chairman and CEO, Romolo V. Nati, recently announced an increase in revenue by 203% with net sales as of September 30, 2018, of over P373 million in total as against P123 million only. The increase in sales was mainly due to the highly positive market acceptance of IDC’s award-winning mixed-use condominium project- Primavera City.
In the same 9- month period the company realized a net income of P33 million. In its unaudited financial statements, the company reported that this net income is higher by 50 % compared to the same period last year which amounted to only P22 million.
In the same period ending September 30, 2018, the company had total assets of P1,189,264 of which, P831,415,740 comprised primarily of receivables from customers. These receivables composed mainly of installment contracts receivables from buyers wherein the bulk pertain to sales of Primavera City Phase 1. The company’s equity increased to P438 million as of September 30, 2018, from P404 million as of December 31, 2017.
While IDC’s ongoing project, Primavera City Phase 1 was partially funded by a secured development loan from the Development Bank of the Philippines (DBP), the company is able to maintain its debt-to-equity ratio at very acceptable level 1.71x on September 30, 2018.
Primavera City is a complex of residential and commercial units composed of seven buildings to be developed in four phases within the period from 2016 to 2024. The first three phases consist of two towers each- a twin mixed-use condominium building with eleven floors each. The fourth phase is envisioned as a high- rise mixed-use condo of 32 storeys which is planned to be operated as a branded condotel. Once fully developed, Primavera City will be a landmark edifice in Cagayan de Oro City, which will provide at least 1,250 residential housing units. Primavera City is accredited by US AID EDGE as a Certified green building. It has also been awarded as the Best Mixed- Use Building in the Philippines by the Asian Property Awards in 2017. The project is strategically located along Macapagal corner Masterson Avenue, at the Pueblo de Oro Business Park, Barangay Upper Carmen, Cagayan de Oro City adjacent to SM City, CDO and in front of the Hall of Justice offices.
Primavera City Phase 1 which was launched in 2016 will be ready for occupancy by the first quarter of 2019. The twin tower mixed-use condominium has 291 residential units of which 251 units or 86% were already sold as of October 2018. The ground floor and second-floor podium consist of commercial units and office units respectively which the company intends to lease out.
With the very encouraging sales performance of Primavera City Phase 1, the company is poised to accelerate the construction of Phase 2. As of now, IDC is attending to complete all the permits and licenses of its Phase 2 project which is being planned for construction by the second quarter of 2019.