By James A. Loyola
Italpinas Development Corporation (IDC), a “green” property developer in emerging cities in the Philippines, expects another banner year — surpassing its performance in 2018 when it doubled its profits.
“We see that the 2019 year-end net income will even be higher than what we realized in 2018,” said IDC Chairman Arch. Romolo Nati during an interview at the sidelines of the firm’s annual stockholders’ meeting.
Last year, IDC’s comprehensive net income reached ₱120.56 million, higher by 101 percent from its 2017 net income of ₱59.9 million.
As of September, 2019, IDC sold more than 95 percent of residential units in its second major mixed-use condominium project-Citta Verde at Primavera City Phase 1 strategically located at uptown Cagayan de Oro City.
Recently, IDC launched Citta Bella at Primavera City Phase 2 and opened up the residential units for sale to meet the increasing demand from customers.
Additionally, Nati said the pre-selling of Miramonti Green Residences which is IDC’s third major project located in Sto. Tomas, Batangas has been very encouraging.
“To date, combined revenues of these two condo projects have reached more than ₱1.45 billion,” he disclosed.