DBP okays ₱440 million for Italpinas CDO project

Published January 4, 2020, 12:00 AM

by manilabulletin_admin

By Bernie Cahiles-Magkilat

The Development Bank of the Philippines (DBP) recently approved up to ₱440-million loan to partially fund the new project of Italpinas Development Corporation (IDC).

Strategically located near the major shopping mall and business center at Uptown, Cagayan de Oro City, Citta Bella at Primavera City is the second phase development of the Primavera City complex funded by DBP which is scheduled to start of construction by the 1st quarter, 2020.

Also, Citta Verde at Primavera City which is IDC’s first phase development was funded by DBP. IDC started construction of this project in September, 2018 and will be ready for occupancy by June, 2020.

DBP is one of the major valued partner banks of IDC.

This good relationship was further strengthened by its current President and CEO Emmanuel G. Herbosa when he reassured his support to Primavera City which is IDC’s trademark sustainable green housing project for the middle market segment in Cagayan de Oro City.

During the signing of loan documents held on December 12, 2020 at the DBP Head Office, Architect Romolo Nati and Atty. Jose D. Leviste III, IDCs Chairman and CEO and President respectively, expressed their appreciation to DBP President Herbosa through its Vice President Jeanne Adamos and Jennylyn Encinares, Account Officer- for their partnership to IDC’s projects which are the first two phases of the planned development of the Primavera City. Upon completion, Primavera City is designed to be an iconic landmark edifice in Cagayan de Oro City comprising of a cluster of six (6) mix-used mid-rise condominium buildings and one high rise condo.

“To date, we are pleased to inform our valued buyers and partners that Citta Verde, which is the first phase of Primavera City, will be ready for occupancy within 2nd quarter, 2020. We will also commence construction soon of Citta Bella, the second phase development of the Primavera City complex. ” added Nati.

In terms of IDC sales performance of these first two phases of Primavera City, Atty. Jose D. Leviste III mentioned that as of November, 2019, IDC has sold 96 percent of the residential units inventory of Citta Verde ( Primavera City Phase 1) with revenues worth P775 million. For Citta Bella ( Primavera City Phase 2) around 60 percent of the residential units were already pre-sold with sales value of P 273 million.

“ We are indeed very pleased with the market acceptance of our projects and will continue to offer quality yet affordable housing products to our target market.” Nati said.