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Manila Bulletin devider Business devider The Stock Market devider Italpinas forges joint venture for P2.81 billion condo complex

Italpinas forges joint venture for P2.81 billion condo complex

Published Jun 23, 2024 09:17 pm

Niche developer Italpinas Development Corporation, through wholly-owned subsidiary IDC Prime Inc., has forged a joint venture with two landowners for the development of a P2.81 billion residential project in Palawan.

In a disclosure to the Philippine Stock Exchange (PSE), the firm said IDC Prime had entered into an unincorporated Joint Venture Agreement and a Sales and Marketing Agreement with Edwin C. Fabro and Calvin Ryan O. Coherco last June 18, 2024.

The agreement will pave the way for the development of Fabro and Coherco’s two-hectare property located along Mitra Road, Brgy. Sta. Monica, Puerto Princesa City, Palawan. The Sales and Marketing Agreement is for the landowner's share under the JVA.

Fabro and Coherco are contributing to the property consisting of 20,000 square meters, while IDC Prime will develop the land into a mixed-use condominium complex as well as provide management and technical oversight.

The landowners Fabro and Coherco will be entitled to 20 percent of the number of saleable units, while IDC Prime will be entitled to 80 percent of the saleable units. All development works will be undertaken by IDC Prime. 

Sales and marketing of all units, including the 20 percent of Fabro and Coherco, will also be undertaken by IDC Prime. IDC Prime projects a gross profit margin of 52.55 percent.

IDC said it is growing its project portfolio by farming out the development to its subsidiaries, leaving IDC to explore new locations, negotiate additional joint ventures, and tap diverse funding sources.

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