Greenbuilder Italpinas Development Corp. (IDC) said it intends to launch two to three projects next year in its niche market of emerging cities, officials of the company said.
In an interview last week, IDC chairman and Chief Operating Officer Romolo Nati told reporters that the firm is looking to launch two or three projects next year.
“We’re looking, we cannot say exactly the details,” Nati said.
For this year, Nati said the firm would launch two projects, specifically the first phases of the Cagayan De Oro-based Primavera City and the Batangas-based Miramonti, in the second and last quarter of the year, respectively.
IDC signed a P350-million loan facility with Development Bank of the Philippines (DBP) last week to partly fund the construction of the Primavera City project.
IDC President Jose Leviste III said the firm would continue to target its niche of emerging cities outside of Metro Manila.
“We intend to stick to our key concept that we’d like to explore undiscovered opportunities in markets that we believe may be underserved for now. That’s the theme that runs in all of our attempts, so we’ll stick to that approach,” Leviste said.
The officials did not disclose specific locations of future projects, but said they would like to put up a project in the Visayas region, where IDC has yet to establish a presence.
“We’re present in Mindanao and Luzon, we want to be present in Visayas. There are some cities that we have been scouting for undiscovered properties,” Nati said.
When asked if the firm is looking at developing projects in Metro Manila, the officials said they are open to it, but were noncommittal.
“We’re looking at that. This year no, but it could possibly be next year,” Nati said.
Leviste suggested that the firm would only come to Metro Manila under the right circumstances.
“We don’t feel that Manila is neccessarily the better place to work. We’re fully satisfied with the direction we took from the start, which was that we don’t necessarily want to be in the most sophisticated, populated modernized city, we want to be where growth is going to be seen as the most exciting. So far, we’ve been happy in CDO, and we want to find other places where a similar dynamic will be discovered. But if there was an opportunity under the right circumstances in Manila, then of course we would be interested,” Leviste explained.
Leviste noted that the firm has not yet acquired land in Metro Manila but said the firm is still in talks with unidentified parties.
“Still in talks and still open to talks,” Leviste concluded.