Italpinas Development Corporation (IDC) is entering the economic market segment of the residential real estate sector with the launch of a P1.2 billion project through a joint venture agreement with the Go family, one of the prominent business clans in Cagayan de Oro.
In a statement, the firm said the project is called the Verona Green Apartments and will consist of a series of four-storey walk-up green buildings, offering both residential and commercial space.
The project will rise on an 11,327-square meter property owned by the Go family in flood-free Uptown Cagayan de Oro City.
The new project site is located near IDC’s existing developments (Primavera Residences and Primavera City), enabling the company to leverage its well-established knowledge of the local area and its dynamic market conditions.
“We’re very excited to launch into 2022 the Verona Green Apartments in 2022. We’re lucky that we have been able to continue strongly with sales, operations, and business development during the pandemic years of 2020 and 2021, and this new project is one of the outcomes of that business development thrust,” IDC Chairman and CEO Romolo Nati said.
He added that, “As a company, we know Cagayan de Oro well, and we love it for its people, its energy, and its inspiring growth.” “CdO was where we built our very first development (Primavera Residence), which is followed by a larger one (Primavera City), and now by the Verona Green Apartments,” said Nati.
He explained that, “Because we are established there, we can immediately leverage our existing operational capacity to confidently accelerate the Verona project, and we are looking forward to doing this.”
Being a green project, Nati said the Verona Green Apartments will use the Excellence In Design for Greater Efficiencies (EDGE) for its green certification ratings. The Primavera City and Primavera Residences have also used the EDGE ratings system.
Prices of the units in the Verona Green Apartments will range from approximately P1.2 to P1.5 million. All studio units are designed to have a 23 sqm space with a balcony.
The project is planned to be completed in two phases, and is currently designed to consist of about 900 residential units and around 50 commercial spaces.
“We will deliver the typical IDC product with Italian design and green features to a different market. It is an extremely interesting market not only because of its size, but above all because we believe that all market segments should be able to own sustainable real estate products," Nati said.