Italpinas eyes Php1.4-B sales from CDO mixed-use project
- Source:http://www.pna.gov.ph/index.php?nid=3&rid=882989
- Friday, May 6, 2016
- By Leslie D. Venzon [(PNA), RMA/LDV]
MANILA, May 6 (PNA) -- Green energy property firm Italpinas Development Corp. (IDC) expects to generate Php1.4 billion from the sale of the phase 1 of Primavera City, a mixed-use development in Cagayan de Oro City.
The IDC on Friday signed a Php350-million loan agreement with the Development Bank of the Philippines (DBP) to partially finance the construction of the project’s two-tower first phase costing Php572 million.
IDC Senior Vice President Harold Dacumos said the company would launch the two towers comprising the residential, commercial and office units on June 18, and will begin construction in July.
“We hope to sell out (all the units at the first phase in) two years. In fact, we are pre-selling now, we are just waiting for the license to sell,” he said in an interview.
Dacumos said the company hoped to start the construction of the project’s second phase on June 2018 after the completion of first phase. The development of the third phase will begin after 20 months.
He added total construction cost for the three phases is expected to reach Php1.8 billion.
“The last (fourth) phase is the high-rise condotel. Once the CAAP (Civil Aviation Authority of the Philippines) height restriction limit is lifted in that area, it is designed as a 34-storey building,” he said.
Dacumos said the overall masterplan for the seven-building cluster comprising three twin towers and the high-rise condotel project, is planned to be completed in 2020.