Listed firm Italpinas Development Corp. said the board of its real estate subsidiary IDC Prime Inc. has finalized a joint venture agreement with landowners Edwin Fabro and Calvin Ryan Coherco for the development of a condominium complex in Palawan.
The joint venture deal covers the development of a prime 2-hectare property into a mixed-use condominium complex in Puerto Princesa City at an estimated cost of P2.81 billion.
Under the terms of the agreement, the landowners will retain a 20 percent share of the saleable units, while IDC Prime Inc. will retain 80 percent. IDC Prime will oversee the development and marketing of the condominium.
The project anticipates a robust gross profit margin of approximately 52 percent, reflecting a strong financial viability for IDC Prime. This venture underscores Italpinas’ commitment to expanding its real estate footprint and enhancing its capabilities in navigating complex project dynamics.
The initiative aligns with IDC Prime’s broader strategy to diversify its real estate portfolio across various locations. Italpinas aims to leverage this momentum to pursue additional joint ventures, explore diversified financing strategies, and embark on new projects in the near future.
The joint venture agreement marks a significant milestone for Italpinas, positioning the company for sustained growth and value creation in the competitive real estate market.
