Moena Mountain Estate, a mixed-use development in Bukidnon is one of IDC’s projects — PHILSTAR FILE PHOTOREAL ESTATE developer Italpinas Development Corp. (IDC) has entered into five new joint venture (JV) agreements for real estate development projects.
In a media release on Sunday, IDC said three of the five new ventures are in Puerto Princesa, while the other two are for projects in Boracay and Pampanga.
“Each of the new JVs has been entered into by IDC with the Co family, who recently joined IDC as a key equity partner upon their acquisition of 15% of IDC shares last November,” IDC said.
In November last year, IDC signed an agreement with businessman Benjamin Tan Co, who purchased 15% of the company’s primary shares at P1.99 each, totaling P187.93 million through a private placement.
IDC said one of the JVs is for Parco Leonardo in Mexico, Pampanga, which will be a premier residential community featuring green and state-of-the-art amenities.
The project, to be developed by the company’s subsidiary IDC Homes, will rise on a 15-hectare site.
IDC, through its unit IDC Prime, is also set to develop Miramare Residences on Boracay Island. The project will be a branded condotel and a collection of branded residences comprising 140 apartments.
The listed real estate developer is also set to build Verona Princesa, which will be developed by IDC Homes on a 2,000-square-meter lot in Bancao-Bancao, Puerto Princesa City, Palawan.
This mixed-use development will feature condominium living, commercial areas, and retail spaces.
Additionally, IDC, through IDC Homes, is developing Verona Puerto and Verona Costa Verde, located in Tagburos and Tiniguiban, Puerto Princesa City, respectively.
Verona Puerto will rise on a 5,400-square-meter lot and will be a mixed-use development featuring retail spaces, while Verona Costa Verde will be a walk-up condominium community spanning 7,600 square meters, featuring sustainable building designs and living spaces.
“IDC looks forward to progressing these joint venture agreements and the opportunities they present to bring contemporary Italian design and sustainable development to Palawan, as well as other promising growth areas in the Philippines,” IDC said.
In 2024, IDC and the Co family entered into a JV for the development of a two-property project on Mitra Road, Puerto Princesa, Palawan.
At the local bourse on Friday, IDC shares closed unchanged at P1.13 apiece. — Ashley Erika O. Jose
