IDC Prime Inc., majority owned by boutique property developer Italpinas Development Corp., has secured a P630-million loan from the Bank of the Philippine Islands.
The company said the loan will be used to develop its maiden project, the Primavera City Phase III, also known as Citta Grande.
“IDC agreed to act as surety for the loan. The loan documents and surety agreement were signed last September 4, 2024,” Italpinas said.
The land for Primavera City Phases 1, 2, 3 and 4 consist of seven lots aggregating 6,558 square meters located at the Pueblo de Oro Business Park in Cagayan de Oro City in Mindanao under the name of PODC.
Contracts to sell have been entered into three lots aggregating 2,810 square meters. The IDC has fully paid Lots 4, 5, 6 and 7, allocated for Primavera City Phase 1 – Towers A and B and Primavera City Phase 2 and their title already with Italpinas.
In the six months to June this year, Italpinas income took a 66 percent dive to P3.37 billion from prior year’s P9.95 billion. Sales for the period dropped 40 percent to P119.18 million from previous year’s P200.91 million.
The enterprise attributed their diminution in part to high inflation, sustained by Philippine Statistical Authority data showing housing consumer price index averaging 108.48 points from 2012 to 2024.
The housing CPI reached a high 120.90 in August versus a low of only 97.90 points in 2012.
The group derives revenue from sale of completed and on-going construction projects from different geographical locations, including P216.08 million from Cagayan de Oro and P87.71 million from Batangas.
