Italpinas forms JVs for Palawan, Misamis Oriental projects – BusinessWorld Online
LISTED real estate developer Italpinas Development Corp. (IDC) said its subsidiary IDC Homes, Inc. is signing joint venture agreements (JVs) for two planned projects in Palawan and Misamis Oriental as the company expands its portfolio.
In a regulatory filing on Thursday, IDC said its board authorized IDC Homes to form a JV with Ma. Antonieta C. Marcelo to develop a 78,870-square-meter (sq.m.) property in Puerto Princesa, Palawan, into a mixed-use subdivi-sion project.
IDC Homes was also authorized to sign a JV with Arsenio B. Manuta for a 9,288-sq.m. property in Brgy. Quezon, Gitagum, Misamis Oriental, to be developed into a mixed-use condominium project.
Both projects remain subject to permitting and test results, IDC said.
In April, IDC announced that its subsidiary IDC Prime, Inc. formed a JV with contractor AV Pamatong Trading & Construction, Inc. to build the third phase of the Primavera City mixed-use complex in Cagayan de Oro City.
The third phase comprises the construction of Città Grande, part of the Primavera City mixed-use condominium project and lifestyle hub with residential, office, and commercial units.
In March, IDC entered into five new JVs covering three real estate development projects in Puerto Princesa, Palawan, and one each in Boracay and Pampanga.
IDC shares declined by 0.93%, or one centavo, to P1.06 per share on Thursday. — Revin Mikhael D. Ochave