IDC forms JV for expansion of Primavera City

MANILA, Philippines — Italpinas Development Corp. (IDC) is proceeding with the development of the third phase of the Primavera City complex in partnership with contractor AV Pamatong Trading & Construction Inc. (AVP).

The strategic joint venture will see IDC Prime, a wholly owned subsidiary of IDC, contributing the land for development, while AVP will be in charge of the structural and masonry works.

IDC said that both parties would acquire ownership of designated, developed and saleable units, in proportion to their contributions.

AVP will own 24 percent of the total number of units, while IDC Prime will retain the remaining 76 percent.

The joint venture also combines IDC’s strength in green building and architectural innovation with AVP’s extensive experience in large-scale infrastructure projects.

The third phase of IDC’s Primavera City complex, known as Citta Grande, will execute the next step in the master planning of the mixed-use condominium project and lifestyle hub in Cagayan de Oro City consisting of residential office and commercial units.

AVP has previously undertaken core phases of IDC’s Primavera City project.

The contractor was responsible for the construction of Phase 1 of IDC’s first project, Primavera Residences, and also Phase 1 of Primavera City.

IDC said that the company’s deep-rooted partnership with AVP has now culminated in the new joint venture, signaling a shared vision for the future of real estate in Mindanao.

“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,” IDC chairman and CEO Romolo Nati said.

“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. 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 said.

AVP president and CEO Alex Pamatong, on his end, said that IDC’s strong presence in Cagayan de Oro City and commitment to innovation make them the perfect partner for the company.

“IDC is a pioneer in green architecture, with proven concepts that have led to strong sales and significant demand for their environmentally friendly buildings. With over 15 years of working together, we know that our teams can work together with collaboration and unparalleled rapport, to deliver high-quality, sustainable projects that will leave a lasting impact on the region,” Pamatong said.