Italpinas profit jumps 28% to P46.7 million

MANILA, Philippines — Property developer Italpinas Development Corp. (IDC) posted a net income of P46.7 million in the nine months to September, up 28.16 percent.

Romolo Nati, IDC chairman and CEO,  said the company was able to weather the negative impact of the pandemic on businesses.

“The main sources of the company’s sales revenue were its two ongoing projects, Primavera City and Miramonti Green Residences,” Nati said.

Primavera City is a mixed-use green residential condominium located in Cagayan de Oro City, which will have seven buildings upon completion.

As of September, residential units available for sale at Citta Verde (Primavera City Phase 1) were almost fully sold. In addition, sales made at Citta Bella (Primavera City Phase 2) already accounted for 67 percent of the 291 available residential units.

Miramonti Green Residences, located in Sto. Tomas, Batangas, is also performing well in terms of sales, Nati said.

“We would attribute these projects’ remarkable performance, despite the pandemic, to the high market acceptance for IDC’s trademark combination of Italian design, green lifestyle, and well-chosen locations. IDC’s projects feature cutting-edge aesthetics and also integrate sustainable living with renewable energy,” Nati said.

IDC trumpets its approach of “Living by Design,” by which architectural design is harnessed as a vehicle for efficiency, comfort and elegance.

Its first venture, Primavera Residences in Cagayan De Oro City, was positively received by the market in 2013. The company launched its second project Primavera City.