Green energy property developer sets $200-M expansion

MANILA, Philippines - Green energy property developer Italpinas Euroasian Design and Eco-Development Corp. (ITPI) is planning to expand its operations with $200 million worth of projects in the next six years, its top official said over the weekend.

Aside from Primavera Residences, its first real estate project located in Cagayan de Oro, ITPI plans to expand operations nationwide by developing mixed-use buildings, condotels, hotels, resorts and ‘beach mixed communities.’

“We are set to develop at least $200 million worth of projects within the next six years,” said architect Romolo Nati, ITPI executive chairman and chief executive officer in a press briefing on Friday.

One project on ITPI’s drawing board is a larger mixed-use development in Cagayan de Oro City, whose design was awarded the “Most Promising Clean Energy Investment Opportunity in the Philippines” this year by Climate Technology Initiative-Private Financing Advisory Network, a group that looks into clean energy projects.

Nati, however, refused to divulge more details on the project.

The other ITPI development in Sto. Tomas, Batangas is a $124.5 million, 120,000 sqm, mixed-use development that features several buildings designed to resist extreme weather conditions.

“Environmentally speaking, mixed-use developments are also the way to go, since these remove the need for people to travel distances from their homes to go to their places of work, play, community and worship,” said Jojo Leviste, Nati’s Filipino business partner and ITPI president.

“This means less money and time is wasted on travel, he said. Less greenhouse gases are also produced,” he said. 

He added that building in secondary cities creates more jobs and opportunities there. It let young people stay closer to their families spurs sustainable progress of home towns.