Italpinas Development Corp. (IDC), a leader in green real estate development, is set to start developing third phase of the Primavera City masterplan in Cagayan de Oro.
This phase, known as “Citta Grande”, will execute the next step in the master planning of this mixed-use condominium project and lifestyle hub in Cagayan de Oro City, consisting of residential office and commercial units.
To implement the plan, IDC Prime, a wholly owned subsidiary of IDC, has entered into a strategic joint venture with AV Pamatong Trading & Construction Inc. (AVP).
Under the agreement IDC Prime will oversee the overall development of the project, including the preparation of construction plans, while AVP will be responsible for key construction documents, such as bills of quantities, work schedules, and material delivery schedules.
As part of the deal, AVP will own 24 percent of the project’s total saleable units, with IDC will retain the remaining 76 percent.
For IDC said this joint venture is an opportunity to combine forces with a partner that shares the same commitment to excellence and innovation.
“We have been lucky to be working with AVP since day one of IDC’s story. Their reputation, experience, and local expertise make them the ideal partner for this venture. AVP’s quality, and professional workforce, coupled with their knowledge of the region and impressive track record in major infrastructure projects, gives us the security we need to move forward,” said Arch. Romolo V. Nati, chairman and chief executive officer of IDC.
“Having known each other for over 15 years and having a proven working relationship, we are confident that this collaboration will produce excellent results for our community,” he added.
IDC and AVP previously worked together in the development of Phase 1 of IDC’s first residential project, Primavera Residences, and also Phase 1 of Primavera City, both projects setting the benchmark for environmentally friendly and architecturally innovative buildings in Mindanao.
With IDC’s strength in green building and architectural innovation with AVP’s extensive experience in large-scale infrastructure projects both companies are poised to continue to help shape the future of real estate in Mindanao.