Estimated economic expansion of 6.8 percent in 2012.
Estimated economic expansion of 7.2 percent in 2013.
Estimated economic expansion of 6.1 percent in 2014.
Estimated economic expansion of 6.7 percent in 2015.
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Property developers going “green”, Italpinas project gets IFC’s green building certification
By Doris Dumlao Abadilla | Philippine Daily Inquirer
MORE property developers are seen embracing environmental sustainability features, with about 20 percent of all new construction in the Philippines likely to be certified as “green” developments in the next five years.
This is what the World Bank’s private sector arm International Financial Corp. (IFC) hopes to see with the introduction to the local market of EDGE – which stands for “excellence in design for greater efficiencies” – a simpler and more affordable accreditation system for developers to reduce energy and water consumption in their buildings while lowering greenhouse-gas emissions.
IFC global green building specialist Prashant Kapoor, the inventor of the EDGE system, talked about this new platform during Monday’s issuance of the EDGE accreditation to the twin-tower Primavera Residences project in Cagayan de Oro, the flagship project of boutique property developer Italpinas Development Corp. (IDC). This project is one of the first in the Philippines to obtain the EDGE certification.
Designed by architects Romolo Valentino Nati and Francesco De Luca, the towers feature a set of cantilevers that create a shadow from within, preventing direct sunlight from penetrating windows to keep indoor temperatures down. A green inner courtyard promotes natural ventilation by forcing warm air out of the building through the roof, which is lined with solar panels to power common areas.
The buildings will be maintained in an eco-friendly manner, promoting waste segregation, non-chemical products for cleaning, and bicycles, in addition to resource efficiency. Initiatives will be organized to increase interest among unit owners about the benefits of sustainable living.
With all its “green” features, IDC’s Primavera Residences project is seen to generate 33 percent in energy savings, 37 percent in water savings and 32 percent reduction in embodied energy in materials.
The first tower of Primavera, with 160 units, was completed in 2012 and the 166-unit second tower was completed in 2015.
“We are at the cusp of transformation or edge,” Kapoor said, noting that by offering a simpler and more affordable platform to encourage green design in construction projects, more governments and more private entities would adhere to sustainability features.
“Our vision in next five years is we want to see Philippines have 20 percent of all new construction to be green. That’s the challenge,” Kapoor said.
Kapoor said nowhere else did it make sense for construction projects to go green than in the Philippines, where the cost of energy was so high while economic growth rate was high as well.
“We found a rating system that matches our vision and it’s also a good way that developers can access EDGE. It’s not expensive. It’s user-friendly,” said Nati, who is also IDC’s chair and chief operating officer.
Jose Leviste III, president and chief executive officer of IDC, said having the EDGE accreditation also empowers investors and buyers “to ask the right question and demand the right diligence” from property developers in this day and age when it’s fashionable to claim to be a “green” developer.
“This does resonate for us as developer because what we want to do is to introduce design thinking at this particular market strata,” Leviste said, noting that unless consciousness on green building cascades to the bottom of the economic pyramid, there’s risk that the “green” movement could be perceived as an “elitist” thing.
(Article from: http://business.inquirer.net/205807/property-developers-going-green)
Italpinas seeks ‘green building’ certification for all projects
By Krista A.M. Montealegre | Senior Reporter, Business World
PROPERTY DEVELOPER ITALPINAS DEVELOPMENT CORP. INTENDS TO SECURE “GREEN BUILDING” CERTIFICATION FROM THE INTERNATIONAL FINANCE CORP. (IFC) FOR ALL ITS PROJECTS IN AN EFFORT TO SET ITSELF APART IN THE CROWDED REAL ESTATE MARKET.
Italpinas on Monday received the Excellence in Design for Greater Efficiencies (EDGE) certification for Primavera Residences in Cagayan de Oro City, from the IFC, the private sector arm of the World Bank.
Primavera Residences — a 10-storey, twin-tower, mixed used development — is the first completed condominium project in East Asia and the second project in the Philippines to be certified by EDGE.
“All our projects in the pipeline are up for EDGE certification,” Italpinas Chairman Romolo Nati said in a briefing yesterday in Makati City.
Italpinas is seeking EDGE certification for Primavera City in Cagayan de Oro and Miramonti in Sto. Tomas, Batangas, Mr. Nati said.
The real estate firm is upbeat that the green building recognition can translate to higher sales.
“The marketplace has become more and more noisy because it’s very easy to say that a project is green or environment friendly…With this framework available to us, we can show end users that this what we mean when we’re green,” Italpinas President Jose D. Leviste III said.
The design of Primavera Residences, combined with renewable energy that will be produced from solar panels found on the rood deck of the towers, will help bring down the overall energy consumption of the buildings. For example, Primavera Residences saw a 30% reduction in the use of air-conditioning units, Mr. Nati said.
EDGE is a green building certification system for emerging markets created by IFC. It is described to be a “measurable way for builders to optimize their designs, leading to a more investment-worthy and marketable product.”
Shares in Italpinas lost 20 centavos or 7.69% to close at P2.40 each on Monday.
Italpinas project gets IFC certification
By Catherine Talavera | Manila Times
GREEN builder Italpinas Development Corporation has received a green building certification from the International Finance Corporation (IFC), a member of the World Bank Group, for the company’s Primavera Residences project in Cagayan de Oro.
For its eco-friendly design, the twin-tower, mixed-use development got the IFC’s Excellence in Design for Greater Efficiencies (EDGE), company officials announced in a briefing Monday.
This makes Italpinas the second developer in the Philippines to get the mark. The first was Imperial Homes, for its affordable housing projects in Batangas—the Tiarra Premiere Homes and the Delsey Homes. Imperial Homes’ projects got the recognition early last year.
EDGE is a new green building certification system for emerging markets. Its goal is to prove that the next generation of buildings can be more profitable while making a lighter carbon footprint.
“To be able to qualify for certification, a new building must achieve a 20-percent reduction in energy, water, and embodied energy in materials compared [with] a conventional building,” IFC said during Monday’s handover rite.
Architect Romolo Nati, Italpinas chairman and chief operating officer, said the green building mark could further improve its projects’ take-up, which he described as already high.
“I would say that the occupancy of the units is quite high, because even if around 40 percent of our clients are overseas Filipinos—so they really don’t live there—with the access of a property management group, we are renting out their units for them, so that they’ll produce income,” Nati said.
The first tower of Italpinas’ Primavera Residences is already sold out, while the second tower is 80-percent taken up.
The first tower began construction in 2010 and was completed in 2012. The firm began building its second tower in 2013 and completed it last year.
Nati emphasized that most units for the Cagayan De Oro project are literally occupied, as units bought by Filipinos who work or live abroad are being rented out to tenants.
Nati also expressed optimism that the EDGE certification would fulfil the firm’s goal of developing eco-friendly buildings for the middle-income market.
“So in some way, this is to prove that the stereotype that green building is very expensive has been broken,” Nati said.
Also, Italpinas President Jose Leviste III said the certification acknowledges what the firm has done and helps prove that green building is accessible to middle-market developers, as EDGE offers a more affordable certification.
“Relative to other forms of accreditation, EDGE is very mindful of excluding the cost of application as a significant factor,” Leviste said. “That’s one good thing because it prevents us from seeing green accreditation as an elite certificate to pursue for only expensive developers to see.”
When asked if the certification will help increase property sales, Leviste said it might, and they are hopeful.
“It’s a positive thing. It’s a way of acknowledging what we’ve done. So, yes, we hope so,”
he said.
The newly listed firm also aims to have all of its projects EDGE-certified.
Nati said the company is in the process of applying for certification for its other Cagayan de Oro project, the Primavera City.
(Article from: http://www.manilatimes.net/italpinas-project-gets-ifc-certification/240128/)
Italpinas gets IFC approval for green building certification
By VG Cabuag | Business Mirror
ITALPINAS Development Corp. has secured a greenlight to use the green-building certification of International Finance Corp. (IFC)called EDGE, or short for Excellence in Design for Greater Efficiencies, to one of its developments.
The company said IFC, the private-sector arm of the World Bank, awarded the EDGE certification to Italpinas’s Primavera Residences in Cagayan de Oro City.
Primavera is the first completed condominium project in East Asia to be certified by EDGE, which the IFC called its “innovation” unit as it helps property developers build and brand their properties “green” in a fast, easy and affordable way.
EDGE is supported by a software that encourages solutions to reduce energy, water and the energy used to make building materials by at least 20 percent, which is the standard for the certification, IFC said.
“All our future projects will be accredited and certified as green building by EDGE,” IDC Chairman and COO Architect Romolo Nati said in earlier interview.
The company said, Primavera, which will have 163 and 166 units for towers one and two, respectively, will be constructed at a cost of P670 million, which include the land.
Its second project, called Miramonti, meanwhile, is in Santo Tomas, Batangas, and will cost between P700 million and P750 million. It will sell the units of both developments between P85,000 and P95,000 per square meter.
Construction for both projects may start by this year, but all the necessary funding for the project has already been settled, company officials said.
The company, which said it uses passive and active green-design strategy, raised P207.44 million from its initial public offering, valuing the six-year-old firm at around P700 million.
“We are interested in alternative locations in the Philippines where we bring our innovative sustainable real-estate product. We’re also interested in expanding for mixed-use building to hotels to commercial and BPOs [business-process outsourcing],” Nati said.
The alternative sites that Nati are referring to are those second-tier cities of the country where the top players are still absent.
(Article from: http://www.businessmirror.com.ph/italpinas-gets-ifc-approval-for-green-building-certification/)
Primavera Residences Tower 2 now complete!
Cagayan de Oro, Misamis (December 22, 2015)— Italpinas Development Corporation (IDC), the developer of Primavera Residences, had its ceremonial turnover of its second tower in Cagayan de Oro through a formal ceremony attended by unit owners and their families, partner brokers, banks, and contractors last December 16, 2015.
Gracing the event were Italpinas officials and VIPs namely IDC Chairman & COO Arch. Romolo Nati, IDC President Atty. Jojo Leviste who led the ribbon cutting with City Mayor Oscar Moreno and INVEST Officer Eileen San Juan followed by a blessing ceremony of the building with Msgr. Florencio Salvador of the St. Francis Xavier Chaplaincy.
In photo (left to right): Hon. Oscar S. Moreno (City Mayor), Arch Romolo V. Nati (IDC Chairman/COO) & Atty. Jose D. Leviste III (IDC President) for the cutting of ribbon.
In photo: Blessing of Primavera Residences Tower 2
In photo (left to right): Atty. Jose D. Leviste III (IDC President), Jeanette B. Galleto (PRCC Property Manager), Arch Romolo V. Nati (IDC Chairman/COO) & Hon. Oscar S. Moreno (City Mayor); for the official turnover of keys by IDC to PRCC.
During the event, PRCC Administrator Jeanette Galleto formally turned over the key to one of Primavera Residences’ Tower 2 unit owners, Engr. Marie Cristy Lugtu with IDC key officers, Arch. Nati and Atty. Leviste.
From an interview with Sunstar Cagayan de Oro, Atty. Leviste when asked why they invested in CdO, he said, “We really believe that Cagayan de Oro has a growth rate that’s much more exciting than other cities. The Philippines itself is growing very fast but I think it’s time now to be more sophisticated about where we go within the Philippines because we can see that there is growth within the growth. There are stories that are definitely hyper-prospective for investors and CdeO, we believe, is one such story. We think that our experience so far has proven that.”
One of the key features of Primavera Residences is its eco-friendly design which results to a decrease in energy consumption of up to 20%. This is due to the high performance design of the building which includes cross ventilation, shading, and passive cooling features. The photovoltaic solar panels are already installed at the roofdeck to power the common areas of both buildings.
Primavera Residences is a twin tower, ten-storey mixed-used property located in uptown Cagayan de Oro City. It was recently awarded as the first and only condominium project to be certified by the IFC World Bank’s EDGE (Excellence in Design for Greater Efficiencies) in East Asia.
“In the future, there are plans for this particular precinct of the city to be developed, for other parts of CdeO to be developed. So the dynamic is changing, the center of gravity is changing in CdeO itself as a growing city, so all of these represent unprecedented opportunity,” furthered Atty. Leviste through an interview with Sunstar, “We do have plans to develop our second project, also here in uptown CdeO, so we look forward to presenting that once it’s ready.”
For inquiries, call 088-880-5002 or visit www.primaveraresidences.com.
Italpinas shares surge on first day of trading
By Doris Dumlao-Abadilla | Philippine Daily Inquirer
Shares of Italpinas Development Corp. (IDC) surged following the real estate company’s stock trading debut amid a scant public float on Monday, riding on buoyant regional markets and favorable growth prospects in the countryside.Overall market sentiment was upbeat but some investors pocketed gains in intra-day trade, thus curbing IDC’s rise after hitting the daily price ceiling.IDC opened 50 percent higher at P5.40 a share on its inaugural trading at the PSE’s small, medium and emerging board, from an initial public offering (IPO) price of P3.60 a share.
IDC later gave up some of its gains to close at P4.22 a share, rising by 17.2 percent and giving the company a market capitalization of P797.83 million.
The company raised P207.4 million after bringing about 26 percent of its outstanding stock to public hands.
“We’re looking into areas where the big guys are not yet looking,” Romolo Valentino Nati, an Italian architect who chairs IDC, said in a press briefing.
IDC pitches “elegant architectural solutions and trademark contemporary aesthetic” while committing to environmental sustainability. It also seeks to deliver “maximum returns by seeking most promising local growth rates, such as those in hyper-prospective secondary and tertiary Philippine cities.” With a pricing point of about P1.4 million to P4 million per residential unit, the company targets the broad middle market as end-users alongside real estate investors looking for rental income.
“We’re a big country so we think like a big country,” said IDC president Jose Leviste, noting that there were underserved areas in the country which were becoming lucrative for vertical developments.
Italpinas is led by a partnership between businessman Leviste and Nati.
“Coming from Italy, I’d say that we saw something that’s happening in the Philippines. If you think of Italy, it’s not only Rome and Milan, there are several cities and communities. If you think about Philippines, you think about Metro Manila and Metro Cebu but there are several cities that lack in inventory in terms of units. It’s a big market but you have to segregate (markets),” he said.
(Article from: http://business.inquirer.net/203738/italpinas-shares-surge-on-first-day-of-trading)
Italpinas shares jump on PSE debut
SHARES of Italpinas Development Corp. (IDC) surged on the real estate company’s stock trading debut amid a scant public float on Monday, riding on favorable growth prospects for the countryside.
Overall market sentiment was initially upbeat but some investors pocketed gains in intra-day trade, thereby curbing IDC’s rise after hitting the daily price ceiling.
IDC opened 50 percent higher at P5.40 per share on its inaugural trading at the PSE’s small, medium and emerging board from an initial public offering (IPO) price of P3.60 per share. IDC gave up some of its gains afterwards to close at P4.22 per share, rising by 17.2 percent and giving the company a market capitalization of P797.83 million.
The company raised P207.4 million shares after bringing about 26 percent of its outstanding stock to public hands.
“We’re looking into areas where the big guys are not yet looking,” Romolo Valentino Nati, an Italian architect who chairs IDC, told a press briefing. As such, the company is seen to have more flexibility to pursue projects at a much shorter time than the big developers.
IDC pitches “elegant architectural solutions and trademark contemporary aesthetic” while committing to environmental sustainability. It also seeks to deliver “maximum returns by seeking most promising local growth rates, such as those in hyper-prospective secondary and tertiary Philippine cities.” With a pricing point of about P1.4 to P4 million per residential unit, the company targets the broad middle market as end-users alongside real estate investors looking for rental income.
“We’re a big country so we think like a big country,” said IDC president Jose Leviste, noting that there were underserved areas in the country which were becoming lucrative for vertical developments.
Italpinas is led by a partnership between businessman Leviste and Nati.
“Coming from Italy, I’d say that we saw something that’s happening in the Philippines. If you think of Italy, it’s not only Rome and Milan, there are several cities and communities. I you think about Philippines, you think about Metro Manila and Metro Cebu but there are several cities that lack in inventory in terms of units. It’s a big market but you have to segregate (markets),” he said. “We like to go where there is enough demand but not enough supply.”
Because IDC focuses on vertical developments in areas where there is not enough supply of condominium units, it is estimated that net rental yields are attractive at around 7 percent or double the net yield in Metro Manila.
Over the long-term, IDC also plans to develop structures that would in line with tourism as well as to develop a bigger portfolio of rental assets from which it could unlock recurring earnings. IDC plans to venture into the serviced hotel-condotel business in the future.
Italpinas’ first real estate project was Primavera Residences in Cagayan de Oro City, a twin-tower mixed-use development. Its newest mixed-use project is Primavera City, which is also located in Cagayan de Oro. Based on its regulatory filings, it plans to enter the property markets in Lipa, Batangas as well as in Dumaguete in Negros Oriental, Iloilo City and Subic Bay Freeport.
The company is currently planning a pipeline of projects in diverse locations. it is in the process of acquiring a 1,796-square meter property located at San Rafael in Sto. Tomas, Batangas province. It also has a right of first refusal on an adjacent property with 5,347-square meters in land area.
Italpinas also holds a 25 percent stake in Constellation Energy Corp. which is into the development of renewable energy facilities.
Net proceeds from this offering will be used to boost capital expenditures for new projects, land banking and acquisition, retirement of existing obligations and for general working capital.
“I am optimistic that the capital raised from this IPO will help the company develop more functional properties with the goal of conserving the natural and manmade resources of our country,” PSE chair Jose T. Pardo said in his welcome remarks during the listing ceremony.
(Article from: http://business.inquirer.net/203714/italpinas-shares-jump-on-stock-debut)
Italpinas to weather sluggish mart on strong investor base
By Krista A. M. Montealegre | Business World
Property developer Italpinas Development Corp., the fifth company to go public this year, is expected to trek higher when it debuts on the Small, Medium and Emerging Board of the Philippine Stock Exchange (PSE) today, as a strong local investor base supports the stock amid sluggish market conditions.
“I think Italpinas is too small to affect the stock market. There is interest in the shares given the lack of supply that may drive its share price higher on listing day,” Alexander Adrian O. Tiu, senior equity analyst at AB Capital Securities, Inc., said in a phone interview.
“It is a small issue so it may be pulled up by locals. I don’t think it will attract the interest of big funds,” Luis A. Limlingan, business development head at Regina Capital Development Corp., said in a separate interview.
Italpinas is raising P207.44 million from its initial public offering (IPO) — the smallest maiden share sale for the year.
At the close of the offer period last month, the allocation was 2.6 times oversubscribed for local small investors, 3.5 times oversubscribed for trading participants and three times oversubscribed for quality institutional buyers, Unicapital, Inc. Managing Director Leonardo R. Arguelles, Jr. said in a mobile phone message last week.
Unicapital is the issue manager and underwriter of the transaction.
Italpinas’ listing comes at a time when the stock market is expected to encounter volatility on mounting bets that the Federal Reserve is poised to start raising interest rates later this month.
“IPOs are sometimes in a bubble. They don’t follow what’s going on in major markets,” Mr. Tiu said.
Italpinas priced the IPO at P3.60 per share, 14.29% lower than the P4.20 maximum price the company initially announced, bringing down the gross proceeds from the original P242 million the company had intended to raise from the stock market.
“Assuming a net profit of P21 million for 2015, the stock is valued at 16 time price-to-earnings ratio for 2015, that’s relatively cheap for a real estate company,” Regina Capital’s Mr. Limlingan said.
PE ratio is a measure of how expensive a stock is.
Italpinas is selling 57.622 million common shares, comprising 26% of the company’s outstanding capital stock.
Italpinas is the company behind Primavera City, a mixed-use project consisting of seven residential and commercial buildings in Cagayan de Oro City. Primavera integrates into its design eco-friendly features such as rooftop solar panels to generate part of the buildings’ electricity supply and reducing power use by maximizing natural light and wind ventilation.
The company is acquiring a property in Sto. Tomas, Batangas where the it plans to undertake a mid- to high-rise residential project.
Italpinas — which is scouting for land in second- and third-tier cities where demand has been growing but has been underserved — today becomes the fourth company to join the stock market this year in the wake of Crown Asia Chemicals Corp. (P222.78 million), SBS Philippines Corp. (P1.16 billion) and Metro Retail Stores Group, Inc. (P3.97 billion). (Krista A. M, Montealegre, Business World)
(Article from: http://www.bworldonline.com/content.php?section=TopStory&title=italpinas-to-weather-sluggish-mart-on-strong-investor-base&id=119762)
Italpinas soars anew: World Bank’s IFC awards Primavera Residences with its 1st EDGE completed condominium project in East Asia
IFC, a member of the World Bank Group, the innovator of EDGE (“Excellence in Design for Greater Efficiencies”), has awarded its green building certification to CDO’s twin-tower Primavera Residences, a mixed-use mid-rise condominium development in Cagayan de Oro, Philippines. The twin-tower building is the flagship development of Italpinas Development Corporation (IDC) in its thrust to build quality and sustainable homes to emerging market cities in the Philippines.
Dubbed to be the first completed condominium project in East Asia, Primavera Residences and IDC take pride in having reached EDGE’s qualifications to be certified.
“This is a proof that IDC delivers its commitments of being a genuine sustainable real estate developer. We maintain our propositions and we are proud to see Primavera Residences be recognized as a green building by an international rating agency which is part of IFC of The World Bank,” Arch. Romolo Nati, IDC Chairman and COO, said.
IFC’s EDGE (“Excellence in Design for Greater Efficiencies”) is a new green building certification system created for emerging markets. It provides clients with technical solutions for going green and captures capital costs and projected operational savings, in order to prove the business case for building green. While the drivers behind EDGE are financial, the results are environmental – EDGE helps mitigate climate change by encouraging resource-efficient development.
To qualify for EDGE certification, companies must utilize the EDGE software to prove their building design will reduce energy, water, and embodied energy in building materials by at least 20 percent compared to a conventional building.
“Now that our building has been certified green by the World Bank’s IFC, our units also increased its value in terms of being genuinely eco-friendly with its green features. IDC, once again, has proven to be able to deliver profit not only to shareholders but also to the most important stakeholders—our valued residents,” Nati concluded.
One distinct feature of Primavera Residences’ facade is the set of cantilevers that surround the building. Apart from making the building look unique and modern, these ledges serve to create a shadow from within, thus keeping direct sunlight from getting through the windows and reducing the heat in the unit. This is best experienced especially in the balcony of a two-bedroom unit.
The green inner courtyard within the building is also designed to increase natural ventilation, keeping the air across the units cool while pushing warm air out through the roof. Photovoltaic solar panels are also installed on the rooftop to produce the building’s own energy and power its common areas.
To know more about the first EDGE-certified condominium project in East Asia—Primavera Residences, you may visit their website at www.primaveraresidences.com or call them at (088) 880-5002 or (+63) 917 794 2221.
