‘Italpinas Best Deal Ever’ unveils this October

Do you want to invest in a multi-awarded condominium development in Cagayan de Oro at the most reasonable deals? This month, Italpinas’ flagship development, Primavera Residences, offers a high-end kitchen modular system from October 1-31, 2015!

In a regular package, buyers get unfurnished units with inclusions of tile floorings, painted walls and ceilings, fitted kitchen sinks, bathroom fixtures, electrical wirings and outlets; however, this month of October, buyers are offered a FREE Kitchen Modular System!

Oct-promo copy

“At Primavera, we always make sure to please our clients not only with world-class units and facilities but also with our promo offerings; that aside from the already affordable rates, we strive to make it even more reasonable. Indeed, today is the best chance to invest in Mindanao’s first and only multi-awarded eco-friendly building,” Gladys Magadan-Echano, Sales Director, expressed.

Primavera Residences is known for its energy-saving features that include cantilevers to protect the units from direct sunlight, and an indoor courtyard that maximizes the natural ventilation in the area. Just recently, solar panels that provide additional energy for the building’s common areas are already installed on the building’s rooftop. The building is also designed to withstand earthquakes and extreme weather and boasts of 24-7 security.

“We are not just giving them discounts but we give them the real thing. We want to add more value to our investors’ purchase; that it will not just be profitable, but they will also help the environment by purchasing from a development that is eco-friendly,” Echano stated.

Primavera Residences, the first development of Italpinas Development Corporation (IDC), is a 10-storey, two-tower building located at Pueblo de Oro Township offering residential, commercial and office spaces for lease and purchase. All units in the first tower are ready for occupancy while the second tower is slated to be completed this year. Buyers may choose from studio, one-bedroom and two-bedroom units.

Hurry! We only have few units left!

Do you want to know more about Primavera Residences? You may reach them at 0917 794 2221 or (088) 880-5002. You can also visit their website at www.primaveraresidences.com.

Focus Fixed on CDO as Primavera Goes Public

IPO2-0921

Italpinas Development Corporation (IDC), the company behind Cagayan de Oro real estate project Primavera is set for an initial public offering (IPO) in the coming weeks.

The IPO is ground-breaking in many ways. To begin with, IDC has staked its future on a road not often taken, embarking on its flagship venture Primavera in Cagayan de Oro and following it up by announcing an even more ambitious multi-function development around it, Primavera City.  The company is also favoring a focus on sustainable design – again, a not too common tack among local real estate developers. In what must be a first in the industry, IDC is unmistakably mestizo, rooted in a partnership between Italian architect and designer Romolo Valentino Nati, and Filipino-born, Sydney-educated lawyer Jojo Leviste.

 

With the foundations of its future fixed firmly on the City of Golden Friendship, the IDC IPO will likely be viewed as a barometer of investor confidence in Mindanao, in general; and in Cagayan de Oro, in particular.

Of course, it will also be seen as a vote on IDC’s seemingly counter-intuitive and potentially disruptive business model: target the up-and-coming cities, instead of the already established ones; and offer them elegant yet accessible eco-friendly buildings in safe locations.

To Nati and Leviste though, just getting to the IPO stage is already a victory in itself.

Nati reveals that before Primavera even broke ground, many were discouraging them from doing their debut development in Cagayan de Oro, questioning the location, the market and its readiness.

But Leviste happily points out that the doubters have since been proven wrong. Units at the first condo tower in Primavera were snapped up predominantly by local residents and by overseas Kagay-anons, putting to rest the notion that the market was not ready for condo living and high-rises.

The company’s emphasis on design has also reaped rewards, including Best Mixed-Use Development in the Philippines at last year’s International Property Awards in Kuala Lumpur, Highly Commended Condo Development from the Southeast Asia Property Awards in Singapore, and a Special Energy Award at the Design Against the Elements Competition in Quezon City.

Going public will mean many things to the different stakeholders in the future of IDC. For the company, the fresh funding will fuel the development of Primavera City, which it forecasts will fast-track the arrival of locators to the Uptown business district. For Cagayan de Oro, the spotlight on IDC will showcase how the city is both investor-friendly and investment-worthy. For the whole of Mindanao, the listing can only bolster confidence in much-anticipated growth led by its Northern gateway.

The investor vote on the trail blazed by IDC is crucial. A yes will ensure not only the development of what will likely be a new landmark for Cagayan de Oro, but the construction of what could be a catalyst to bring in long-awaited locators. A yes will also be a validation of IDC’s deeply-held belief that the future of the Philippines – perhaps even of the rest of ASEAN – lies in designing emerging cities, to make a difference.

Primavera Developer sets P242-million IPO in 4th qtr

IPO_september

Italpinas Development Corporation (IDC), the Italian-Filipino green property developer of Primavera Residences, sets its planned listing of P242-million initial public offering (IPO) on the Philippine Stock Exchange (PSE) on the last quarter of 2015.

Recently, IDC filed on August 28 an amended prospectus with the Securities and Exchange Commission (SEC). The company plans to raise P242 million from the offering of 57.622 million primary common shares to the public, priced at a maximum of P4.20 per share.

The number of shares to be sold, according to the prospectus, is equivalent to 26% of the company’s outstanding capital stock and 74% is under the names of the current shareholders.

Its major shareholders include Jose Leviste, Jr. (49.67%), Italian architect Romolo Nati (40%) and Jose Leviste III (4.76%).

IPO proceeds will finance Italpinas Development Corporation’s upcoming mixed-use sustainable development in Cagayan de Oro, Primavera City. After Primavera Residences, a new elegant high-rise and eco-friendly building in Cagayan de Oro offers the distinctive quality of living in an Italian-designed building with metropolitan standard development. Primavera City aims to be the landmark in sustainable developments as the combination of natural ventilation, solar energy, external louvers, water recycling, rain harvesting, and other green features exudes the exteriors and interiors of the property.

IDC will have a market capitalization of P930.8 million post-IPO from the current P480.68 million. Unicapital Inc. is appointed as the issue manager and sole underwriter of the transaction.

The expected net proceeds of P220.8 million after listing related expenses and taxes will supply the capital expenditures (capex) for new projects (P120.68 million); land banking acquisition (P47 million); retirement of existing loans (P20 million); and general working capital (P33.12 million). Proceeds of the IPO will be used in the fourth quarter of the year up to 2016.

Primavera Residences EDGE Certification

Recently, Autif Sayyed, Regional Green Building Specialist for the East Asia Pacific Region at International Finance Corporation (IFC), visited Primavera Residences to complete the stages of the building’s EDGE (Excellence in Design for Greater Efficiencies) certification as he recognized the building’s outstanding initiation and implementation of the green features.

EDGE is a new building resource efficiency system created for emerging markets, providing clients with technical solutions for going green and captures capital costs and projected operational savings.