Italpinas Development Corp. (IDC) said profit for the first quarter of the year reached P15.62 million, up 68.68 percent from P9.26 million a year ago.
Sales reached P134.46 million, up 25 percent from P107.55 million a year ago.
Sales are mainly attributable to the new IDC projects and particularly to Phase 2 of Primavera City, launched in June 2019 in CDO which as of 31 March 2020, around 50 percent of its total units have already been sold.
“We believe that after the COVID situation, green buildings are more relevant than ever before. Well ventilated buildings with direct access to outdoors spaces and presence of abundant natural lights and other sustainable features are more attractive to the market now than before. Our sales performance, not only have not been affected by the pandemic but they increased. This is a confirmation that market interest is definitely shifting towards green and accessible real estate products outside the main cities” said Romulo Nati, IDC chief executive officer.
IDCcompany debuted with Primavera Residences in Cagayan de Oro City, its first project, and recipient of the Best Mixed Used Building award at the International Property Awards Asia Pacific in 2015.
