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Manila Bulletin devider Business devider Italpinas income surges amid pandemic

Italpinas income surges amid pandemic

Published Aug 4, 2020 04:23 pm

Green developer Italpinas Development Corporation (IDC) reported a 43.9 percent jump in net income to P35.21 million in the first half of 2020 from the P24.47 million earned in the same period last year.

 In a statement, the firm said revenues grew 36 percent to P278 million in the first semester from P204 million in the same period last year despite the pandemic.

"The key factor behind this extraordinary performance despite the Covid-19 pandemic is the sustained positive market response to IDC’s new green projects, namely Miramonti in Sto. Tomas, Batangas, and Primavera City (Phase 2) in Cagayan de Oro,” said IDC Chairman and Chief Executive Architect Romolo Nati.

Both projects are strategically situated to grow with the decongestion of overcrowded areas. Miramonti is located at 45 minutes driving from Makati.

Citta’ Bella (Primavera City Phase 2) is positioned in uptown Cagayan de Oro City, one of its fastest growing precincts.

“The two projects are certified green buildings and they have been awarded the Best Mixed-Use Buildings in the Philippines award at the International Property Awards” said Nati.

He noted that, "During the lock down, people understood more than ever how important is to live in a comfortable and sustainable environment that can offer easy and direct access to open spaces, such a terraces and gardens, where unit owners can enjoy fresh air, exposure to natural sunlight and constant natural airflow.”

“Being exposed to those natural elements can definitely help not only to provide a healthy and comfortable living style, but also to counteract spreading of virus, which is now known to spread more easily in environments where ventilation is poor.” Nati added.

IDC is known for its innovation as developer of eco-friendly buildings  “We have always targeted alternative locations, which are highly prospective, for our development of environmentally sustainable buildings, anticipating the trend of greater growth outside Metro Manila and Metro Cebu,” said IDC President Atty. Jose D. Leviste III.

He added that, “Such locations offer many advantages, such as a lower cost of living, less traffic, and less polluted environments. On top of that, we see that the market is more and more discerning about what it means to be truly ‘green.’  We respond with innovation and sustainability which is accessible in terms of price. Sustainability is a matter of design and performance, not high cost, and we demonstrate this through all of IDC’s designs and projects.”

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