Listed green builder Italpinas Development Corp. hopes to launch its new condominium project in Cagayan de Oro in the second quarter of 2016, a little later than its earlier first-quarter target.
In a statement, Italpinas said it is set to launch Primavera City by the second quarter, targeting first-time homebuyers as well as investors.
“We will conduct extensive marketing for our target buyers that include employed and/or self employed individuals with gross family income of at least P50,000, such as local entrepreneurs, SME’s, OFW’s, young professionals and retirees, among others, said Italpinas President Jose Leviste III, a lawyer. “With Cagayan de Oro City now an emerging tourism and investment destination in the country, Primavera City is a great buy, not just for first-time home owners, but also for investors.”
Primavera City is a seven-building mixed-use condominium development in Cagayan de Oro City, which will offer residential units and a few commercial and office components.
Italpinas Chairman and Chief Operating Officer Romolo Valentino Nati said the construction of the building would come in phases.
Phase 1 involves the construction of two towers with 11 floors each.
“Primavera City is a fitting follow-up to our highly successful and multi-awarded Primavera Residences, which caught the fancy of not just Filipino but even foreign buyers and property experts for its modern Italian design infused with eco-friendly architecture,” Nati said.
For its flagship project, Italpinas made a mark in the local real estate industry as the first Philippine company to get a certification of the International Finance Corp.-World Bank Group’s Excellence in Design for Greater Efficiencies (Edge).
Leviste said the first two towers would have 337 units, 57 of which are commercial units, 231 studio bedroom units, and 27 two-bedroom units.
“Their average sizes are approximately 50 to 60 square meters for commercial units, 28 square meters for studio type units, 47 square meters for the single unit bedroom units, and 70 square meters for the two bedroom units.” the firm’s statement said.
Last November, Italpinas Vice President for Banking and Business Development Harold Dacumos pegged the development cost for Phase 1 alone at P670 million.
Dacumos said the seventh building of the development would function as a 32-story condotel project that might start construction in 2020.
The mixed-use development will also offer a commercial area on the ground floor, two floors of office space in the first building, and another two floors for parking in the second building.
It also fosters sustainability, as it features eco-friendly elements, such as the photovoltaic panels that will generate energy for the building’s consumption.
Primavera City is located at Pueblo de Oro Business Park, Upper Carmen town, Cagayan de Oro City.