Real estate firm Italpinas Development Corporation (IDC) has forged a partnership with Lanvin Natural Resources Corporation for a P1.8 billion expansion of its residential project in Sto. Tomas, Batangas.
In a disclosure to the Philippine Stock Exchange, IDC said it has entered into an unincorporated Joint Venture Agreement with Lanvin for the purpose of developing an area of 5,347 square meters into Phase 2 of its Miramonti Green residences Project.
Last May 26, the Board of Directors of IDC approved the execution of a Joint Venture Agreement with Lanvin and the agreement was signed on June 23.
IDC’s master plan for its Miramonti Project consists of a Phase 1 and a Phase 2. Lanvin is contributing a parcel of land with an area of 5,347 square meters, as well as consultancy services.
IDC will develop the area into a condominium project, specifically Phase 2 of Miramonti Green Residences.
Total project cost is approximately P1.8 billion. Post development, and once fully sold, IDC expects net profits in the range of P850 million to P940 million from the project.
Lanvin will be entitled to sufficient number of units corresponding in value to P58 million valued at pre-selling price. IDC will get the remaining units in the project and has the option to buyout Lanvin within a period of one year from the issuance of the License to Sell.
Last January, IDC ventured into 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.
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.
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.