Italpinas sets Primavera City launch in Cagayan de Oro City in Q2
IDC made its mark in the real-estate industry as the first Philippine company certified by the International Finance Corp. (IFC)-World Bank Group Excellence in Design for Greater Efficiencies (EDGE) for its flagship project, also in Cagayan de Oro City, the Primavera Residences.
IDC Chairman and COO Romolo Valentino Nati, an Italian architect, said Phase 1 of Primavera City involves the construction of two towers of integrated multifunctional buildings (commercial, office, residential) project with 11 floors each.
Located at the Pueblo de Oro Business Park, Upper Carmen, Cagayan de Oro (near SM City Cagayan de Oro), the project entails an investment of P653 million.
“Primavera City is a fitting follow-up to our highly successful and multiawarded Primavera Residences, which caught the fancy of not just Filipino, but even foreign buyers and property experts for its modern Italian design infused with eco-friendly architecture,” Nati said.
The grand launch will be in the second quarter, and start of construction of the Primavera City Phase 1 is during the third quarter of 2016.
IDC targets the completion of the project and the turnover of its units to their owners by the third quarter of 2018.
IDC President Jose D. Leviste III said the two towers of Primavera City Phase 1 will have 337 units: 57 of them commercial units, 231 are studio type, 22 are one-bedroom units and 27 are two-bedroom units.
Their average sizes are 50 to 60 square meters (sq m) for commercial units, 28 sq m for studio-type units, 47 sq m for the single-bedroom units, and 70 sq m for the two-bedroom units.
“We will conduct extensive marketing for our target buyers that include employed and/or self-employed individuals with gross family income of at least P50,000, such as local entrepreneurs, small- and medium-sized enterprises, overseas Filipino workerss, young professionals and retirees, among others. With Cagayan de Oro City now an emerging tourism and investment destination in the country, Primavera City is a great buy, not just for first-time homeowners, but also for investors,” Leviste, a lawyer, said.
Nati said Primavera City is envisioned to be another IDC award-winning sustainable-development project, with its passive green features, such as increased natural ventilation, shaded façade and semi-transparent photo-voltaic panels covering the amenities located on the rooftop, among others.
The project has been recognized as highly commended condo by the Climate Technology Initiative Private Financing Advisory Network in Singapore in 2014.
IFC Global Green Building Specialist Prashant Kapoor, IFC World Bank Legal Advisor and IFC Philippines head of Green Building Program Tess Lacerna and IFC Country Manager Jane Xu awarded the certificates to Primavera Residences Tower A and B as the “First Completed Condominium Project in East Asia Certified by EDGE.”
EDGE is an innovation of the IFC-World Bank Group. It helps property developers build and brand their properties “green.” It is the highest and most desirable program in the international real-estate industry.
EDGE is supported by a software that encourages solutions to reduce energy, water and energy consumption by at least 20 percent, which is the standard for EDGE certification.
IDC has notched a series of milestones and achievements. It recently had its successful listing at the Philippine Stock Exchange.
Source: Business Mirror