Italpinas unit in P1.2B Cagayan de Oro real estate joint venture

Listed property developer Italpinas Development Corp. said Thursday one of its units has formed a joint venture for a real estate project in Cagayan de Oro City.

The listed company said its unit, IDC Prime Inc., signed a deal with Gilda Go to develop a 6,790-square meter lot into a mixed-used project costing an estimated P1.2 billion.

Italpinas negotiated the joint venture but assigned the project development to IDC Prime “to disperse operations and leave IDC free to make the strategic decisions, and pursue more projects.”

Italpinas earlier reported a 71 percent increase in revenue to P200.9 million but higher expenses and a sharp fall in non-operating income pushed lower its net income to P9.54 million from P15.7 million in the year-earlier period.