Property developer Italpinas Development Corp. said it secured a P440-million loan from state-run Development Bank of the Philippines to partially fund the development of a residential project in Cagayan de Oro City.
IDC said in a statement the loan would be used to finance the development of Citta Bella—the second phase of Primavera City complex which would start construction by the first quarter of 2020.
This is the second time that DBP extended a loan to IDC.
Citta Verde at Primavera City which was the project’s first phase was also funded by DBP. The project started construction in September 2018 and would be ready for occupancy by June 2020.
IDC said DBP is one of its major valued partner banks.
The good relationship was further strengthened by current DBP president and chief executive Emmanuel Herbosa who reassured his support to Primavera City—IDC’s trademark sustainable green housing project for the middle market in Cgayan de Oro.
IDC chairman Romolo Nati and IDC president Jose Leviste III expressed their appreciation for DBP’s continued support to development of Primavera City during the signing of loan documents on Dec. 12.
Upon completion, Primavera City is designed to be an iconic landmark edifice in Cagayan de Oro City consisting of six mix-used mid-rise condominium buildings and one high-rise condo.
“To date, we are pleased to inform our valued buyers and partners that Citta Verde, which is the first phase of Primavera City, will be ready for occupancy within the second quarter, 2020. We will also commence construction soon of Citta Bella, the second phase development of the Primavera City complex,” Nati said.
Leviste said that in terms of IDC sales performance for the first two phases of Primavera City, the company had sold 96 percent of the residential units inventory of Citta Verde with revenues worth P775 million as of end-November 2019.
He said for Citta Bella, around 60 percent of the residential units were already pre-sold with sales value of P273 million.
“We are indeed very pleased with the market acceptance of our projects and will continue to offer quality yet affordable housing products to our target market,” Nati said.
