ITALPINAS Development Corp., a developer of mostly green buildings, on Friday signed a P350-million loan agreement with state-owned Development Bank of the Philippines (DBP) to partly fund its project, in Cagayan de Oro City.
Italpinas officials said the five-year, fixed-interest loan hopes to bankroll the P575-million construction cost of the two towers of its project, called Primavera City in Cagayan de Oro City.
“With DBP’s support, the available funding will ensure completion of the project on schedule,” said Jose Leviste III, the company’s president.
The company hopes to raise P1.4 billion in sales from the initial towers of Primavera City, which includes 3,000 square meters of office space that will be available for lease as soon as the company receives a go signal from government authorities to sell the units.
At the moment, the company only has two projects, one each in Cagayan de Oro and Nasugbu in Batangas.
It just acquired 1,868 square meters of land for the first two towers of Primavera City. The company purchased the land for P24 million from Pueblo de Oro Development Corp., and was only paid in January this year.
“Preliminary groundworks were already undertaken at the project site. The construction of Primavera City A and B is scheduled as soon as the general/structural contractor is selected but not later than June 2016,” it said.
The International Finance Corp., the private- sector arm of the World Bank, has awarded the EDGE certification to Primavera City.
Primavera is the first completed condominium project in East Asia to be certified by EDGE, which the IFC called its “innovation,” as it helps property developers build and brand their properties “green” in a fast, easy and affordable way.
EDGE is supported by a software that encourages solutions to reduce energy and water used to make building materials by at least 20 percent, which is the standard for the certification, IFC said.
The company said Primavera, which will have 163 units for Tower 1 and 166 units for Tower 2, will be constructed at a cost of P670 million, including the land.
Its second project, called Miramonti—located in Santo Tomas, Batangas—will be constructed for between P700 million and P750 million. It will sell the units of both developments to between P85,000 and P95,000 per square meter.
Construction for both projects may start this year, but all the necessary funding for the project has already been settled, company officials said.
To know more about IDC and its projects, you may contact them at (088) 880-5002 or (+63) 917-794-2221 or you may visit their website at www.italpinas.com.