ITPI Corp (Italpinas Euroasian Design and Eco-Development Corp.) plans to increase its authorized capital stock to as much as P500 million from P50 million as the “green” developer looks for investors.
“We are about to increase capitalization of the company from P50 million now to anywhere from P250 million to P500 million because we are planning to take in new investors. So, we will invite equity investors. Some could be in real-estate business while other investors could be in the energy sector, as well,” said Romolo V. Nati, ITPI executive chairman and chief executive officer.
If possible, the new investor could come in by the first quarter of 2014. At the moment, ITPI is in search for a financial advisor, Nati added. The company is also reportedly contemplating to offer shares to the public either late 2015 or early 2016.
Nati is confident that the company will succeed with all its plans, adding that “business has been quite good.”
“We started small and now we’d like to expand because we are appreciated by the market. We need new investors to help us develop new projects,” said the official.
ITPI plans to expand its business in Cagayan de Oro and has allotted between P60 million and P70 million for this purpose. “We will launch a new project there and we plan to start construction of more than 1,200 units—from six mid-rise buildings and a tower—in the second quarter of 2014. We will do it in phases. All our plans are ready,” Nati said.
ITPI is in partnership with Constellation Energy Corp. (CEC), which holds renewable-energy service contracts with the Department of Energy for several geothermal, wind and hydroelectric projects all over the country. The ITPI-CEC tie-up has since expanded from green energy to green architecture.
All of ITPI’s property development projects feature sustainable designs and architecture. Its first project, the Primavera Residences, is a mixed-use eco-friendly condominium development in Cagayan de Oro City that incorporates many sustainability features. Its design features passive cooling techniques and it will be equipped with a photovoltaic or solar panel rooftop that produces enough electricity to power its common areas.
Tower A of Primavera Residences has an inner courtyard and a cross-ventilation layout designed to enhance natural air flow and light. Shaded facades sift sunlight’s entry through windows, moderating the temperature inside units, slashing air-conditioning costs by up to a third.
These features, coupled with its location—about 110 meters above sea level—also functioned to make the condominium typhoon-resistant, even helping it survive Typhoon Sendong, which hit Cagayan de Oro in 2011. The location saved it from massive flooding, while the energy-saving features helped mitigate the impact of the strong winds on the building. The structures have also been designed to withstand earthquakes even at high intensities.
Published Dec. 8, 2013 in the Business Mirror
Written by Lenie Lectura