Mindanao project boosts Italpinas income
Design-driven developer Italpinas has reported a 142.9 percent increase in net income last year on the back of its pioneering project in Uptown Cagayan de Oro.
The company recorded net sales of R216 million for the two-tower condo, a 62 percent increase year-on-year, as of the end of fiscal year 2015.
Likewise, Italpinas said that 82 percent of the 328 units in both towers have already been sold, with only six remaining in the first.
Italpinas also announced a return of equity of 22 percent as of the end of fiscal year 2015.
In its first stockholders meeting since going public late last year, Italpinas revealed that it will continue to pursue projects outside of Metro Manila.
“We see growth in places like Cagayan de Oro,” Italpinas President Jose D. Leviste III said, noting that apart from considering Davao in Mindanao, Italpinas is now also looking into Batangas, Mindoro and Negros as well.
The company also announced that it had already launched a follow-up project, also in Uptown CDO: Primavera City. Planned as a seven-tower offering, with its first phase now selling, Primavera City is poised to become Northern Mindanao’s new landmark.
“Every great and growing city needs an icon, and we think that this could be it for CDO – perhaps even for the entire Northern Mindanao,” said Italpinas Chairman and CEO Romolo Valentino Nati, the firm’s multi-awarded principal architect and designer.
Nati reiterated that Italpinas’ emphasis on design, and on sustainable architecture, are key elements of their growth strategy.
The company is already being recognized for its strategic focus on design and architecture.
Italpinas recently won the Leadership in Sustainability Design Award for Primavera Residences from the Philippine Green Building Council, and will be the country’s entry in the same category to the World Green Building Council Asia Pacific Regional Network Leadership Awards.
Article by Bernie Magkilat of Manila Bulletin