Italpinas Development Corp. (IDC) said it has tapped a P630 million loan to finance the development of Citta Grande, the phase III of the company’s Primavera City mixed-use project.
The loan was directly accessed by unit IDC Prime Inc., from the Bank of the Philippine Islands.
“The loan documents and surety agreement were signed last September 4, 2024,” IDC said in a regulatory filing.
IDC said the loan is secured by a mortgage on the land on which Citta Grande will be constructed, and on the improvements to be built on it.
The 12-storey Citta Grande is IDC’s first venture into home automation. It will be located om PN Roa Sr. Avenue (Macapagal Drive) in Uptown Cagayan de Oro.
Citta Grande was formally unveiled by IDC in December 2022.
“Cittí Grande is a key milestone for IDC in Cagayan de Oro as this reinforces our commitment to bring the world-class sustainable building to infuse with today’s modern technology that brings a luxurious living experience in the city,” Romolo V. Nati, IDC chairman, earlier said.
