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The projects in Puerto Princesa will be developed through its subsidiary IDC Homes.
STAR / File
MANILA, Philippines — Italpinas Development Corp. (IDC), a listed real estate developer of sustainable properties in the Philippines, has entered into new joint venture agreements with the family of its new strategic investor Benjamin Tan Co for the development of real estate projects in Palawan, Boracay and Pampanga.
IDC said that three of the five new projects are located in Puerto Princesa, where the company intends to bring contemporary Italian design and sustainable development.
The projects in Puerto Princesa will be developed through its subsidiary IDC Homes.
“IDC is unique for its elegant and green architecture. Palawan is one of a kind for its natural beauty and its environmentalist culture. This is a perfect match,” IDC chairman and CEO Romolo Nati said.
“As developers, we have brought environmentally responsible design to all our buildings through passive performance and biophilic architecture. Nature and wellbeing have always come first in our developments. We want our design ethos to echo Palawan’s unique values and accentuate its world-famous natural beauty,” he said.
IDC president Jojo Leviste said that as Palawan continues to attract more visitors, the company intends to participate in the balancing of growth and conservation, which is a crucial and long-term task.
“We can do this as real estate developers by bringing our environmentally sound design ethos to set an example for contemporary development that accentuates Palawan’s combination of natural beauty and environmental responsibility,” Leviste said.
IDC Homes will also develop a premier residential community featuring green spaces and state-of-the-art amenities on a 15-hectare property in Mexico, Pampanga.
A seaside development consisting of about 140 apartments, meanwhile, is planned in Boracay by IDC Prime.
Each of the new joint ventures was entered into by IDC with the Co family, who joined the company as key equity partners upon their acquisition of 15 percent of IDC shares in November last year.
Co is a businessman with a broad portfolio of interests including petrochemicals, steel manufacturing as well as PVC resins and products.
Co, his family and associates also control a portfolio of land holdings throughout the country, including Palawan, Cavite, Boracay, Pampanga, Quezon province and Quezon City.
IDC and the Co family also entered into a joint venture last year for the development of a property in Mitra Road in Puerto Princesa into a premium sustainable residential/leisure development which is currently at the design stage.
The company has focused on being an early mover in emerging locations.
It uses passive and active green design strategy in developing high performance real estate properties in up-and-coming cities in the country with high growth potential.
