ITPI cites $200-million developments (published in BusinessWorld)



plans to spend some $200 million to develop mixed-used projects in Luzon and Mindanao, the firm’s top official told reporters on Friday night

“We are set to develop at least $200 million worth of projects within the next six years,” Romolo V

Nati, ITPI’s executive chairman and chief executive officer, said over dinner in Makati City

The Italian architect said the company will start construction of two projects — to be located in Batangas and Cagayan de Oro City — next year

“One project on ITPI’s drawing board is a larger mixed-use development in Cagayan de Oro City,” Mr

Nati said, even as he refused to give details

ITPI has an existing 10-storey, twin-tower condominium complex in the city known as Primavera Residences

The $11-million project is located on a 19,000-square-meter (sq


) site

The first tower was completed in September last year, while the second one is expected to be completed in April 2015

Besides expanding its presence in southern Philippines, ITPI is also set to invest more than $100 million for a mixed-use development in Batangas

“The other ITPI development in Sto

Tomas, Batangas is a $124

5-million, 120,000-sq


, mixed-use development that will feature several buildings that are designed in a climate change-resistant round shape,” said Mr

Nati, adding that all the company’s projects use existing green building technologies



Nati added that the company plans to hike its authorized capital stock by yearend “to attract new equity investors as we envision an initial public offering in the next two years,” but declined to provide details


Published 9 December 2013 on Business World 

Written by Claire-Ann Marie CFeliciano