GREENBUILDER Italpinas Development Corp. plans to spend an estimated P600 million to P800 million on the development of the first phase of a mixed-use project in Santo Tomas, Batangas which is set to be launched by the yearend.
In an interview following the company’s annual stockholders’ meeting on Monday, Italpinas chairman and chief operating officer Romolo Nati told reporters they have finalized the design of their Miramonti project, a mixed-use project that will feature residential units, serviced apartments and commercial spaces.
“We have finalized the architectural plan. We are about to start with the technical plan, which is going to be the structural design,” Nati said. “I think we should be ready with all the plans to give to building officials, to get the building permit. I would say two to three months’ time.”
Nati said they plan to complete all the permits and licenses before November to be able to launch the first phase of the Miramonti project by December.
The first phase sits on an area measuring a little over 2,000 square meters, Nati said. The project is targeted to feature 250 units, which will be a combination of residential and serviced apartment units.
“We are thinking of 100 [units]for the serviced apartments and 150 [units]more or less for the residential,” Nati said.
The development will also feature two floors of commercial spaces, which translate to around 3,000 to 3,500 square meters of leasable area.
“The complex is going to be commercial ground floor, second floor, parking two floors, and the rooftop of the podium would be the amenities for the tower, which should be 16 stories,” he said.
The serviced apartments and commercial components of Miramonti will form part of the company’s rental portfolio.
“We want to create recurring income for our investment,” Nati said.
Meanwhile, Italpinas president Jose Leviste 3rd said he was excited over the company’s first foray outside of Cagayan de Oro City.
“So it will be our first project outside of CDO but we’re still remaining with that theme. That’s based on our belief, regional centers,” Leviste said.
Two of Italpinas’ previously launched projects include the twin-tower Primavera Residences and its follow-up project the mixed-use Primavera City, phase one of which was launched last June.
Focus on target market
Leviste noted in an earlier interview that they are focused on their target market of emerging cities or underserved areas outside of Metro Manila.
“We intend to stick to our key concepts that we’d like to explore undiscovered opportunities in markets that we believe may be underserved for now. So that’s the theme that runs in all of our attempts. So we’ll stick to that approach,” Leviste said.
He noted that the Miramonti project will be a landmark in the area because it is close to the Sto. Tomas exit of the South Luzon Expressway (SLEX) Toll Road 4 extension project.
“It’s an exciting site there because of the interaction it has with the infrastructure that’s already there. So the expressway exit is right to our site and I think it will become an influential landmark or stop” along the route to the city, Leviste said.
Meanwhile, Nati said Italpinas will launch the second phase of the Miramonti development when it has sold some 70 to 80 percent of the initial phase.
“I’m very optimistic about Sto.Tomas because the market is showing us very high interest in this project. Assuming we launch the project in December 2016, maybe by December 2018,” he said.
“If we are going to be successful, then we think we will launch phase 2. Phase 2 will in some way, replicate was is going to be successful in phase one,” he said.