GREENBUILDER Italpinas Development Corp. (IDC) said it has made a partial down payment of P1 million for a portion of land that it is buying for its Primavera City project in Cagayan de Oro City.
Primavera City is a seven-building mixed-use condominium development in Cagayan de Oro City that will offer residential units as well as some commercial and office components.
In a disclosure to the Philippine Stock Exchange on Friday, IDC also said it has paid a reservation fee of P100,000 for the piece of land, which is located at Block 20, Lot 1, Pueblo de Oro Business Park, Carmen, Cagayan de Oro City.
The company did not disclose the full purchase price of the parcel of land.
Earlier this month, IDC announced that it is set to break ground on the Primavera City development in the second quarter of the year.
It said construction of the building will be in various phases, and Phase 1 will involve construction of two towers with 11 floors each.
The two towers of Phase 1 will have 337 units, of which 57 will be commercial units, 231 will be studio bedroom units, and 27 will be two studio-bedroom units.
Last November, IDC vice president for banking and business development Harold Dacumos said that the development cost for Phase 1 is estimated at P670 million
Primavera City is IDC’s follow-up to its flagship Primavera Residences project, which is also in Cagayan De Oro. The said project was given recognition by the International Finance Corp. after it received the World Bank Group’s Excellence in Design for Greater Efficiencies (Edge) certification.