Listed real estate developer Italpinas Development Corp. said Wednesday it has designated its majority-owned subsidiary, IDC Prime Inc., as the developer of Phases 3 and 4 of the Primavera City project in Cagayan de Oro City, and Phase 2 of its Miramonti Project in Sto. Tomas, Batangas.
Italpinas said this arrangement will enable it to concentrate on strategic decisions while leaving operational decisions to the subsidiary.
Just last week, IDC Prime signed a serviced residence management and technical advisory agreement with Scotts Philippines Inc. for the operation Primavera City Phase 4 and Miramonti Phase 2 under the Citadines brand.
Scotts is the Philippine subsidiary of Ascott, the world’s largest international serviced residence operator. It manages the Ascott, Citadines and Somerset hotels and serviced residences in the Philippines.
Italpinas said the collaboration with Scotts is expected to boost the sales of the completed phases which the listed company had developed, and generate pre-selling revenue for the new phases to be developed by IDC Prime. More than revenue, however, the collaboration attests to the world class quality of Italpinas’ projects, the company added.
