Property

Italpinas survives pandemic, posts 28% jump in 9-month profit

Boutique property developer Italpinas Development Corp. grew its net income by 28.16% to P46.7 million, largely driven by sales from its projects in Cagayan de Oro City.

“We are fortunate that IDC’s business operations are weathering the pandemic. The main sources of the company’s sales revenue were its two ongoing projects, Primavera City and Miramonti Green Residences,” said Romolo Nati, chairman and CEO of Italpinas.

Primavera City is a mixed-use green residential condominium which will consist of seven buildings upon completion

Residential units available for sale at Citta Verde (Primavera City Phase 1, a twin-tower building consisting of 11 floors, were almost fully sold are slated for occupancy in the first quarter of 2021.

Sales at Citta Bella (Primavera City Phase 2) already accounted for 67% of the 291 available residential units. The project is targeted to be completed in the second quarter of 2022.

Miramonti Green Residences, located in Sto. Tomas, Batangas, also recorded higher sales due to the high market acceptance for IDC’s trademark combination of Italian design, green lifestyle, and well-chosen locations.

IDC’s condominium residences as well as office and commercial space, are located in fast-growing cities that the company believes are poised to grow into hubs in their own right.

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