ITALPINAS Development Corp. (IDC) is developing a P2.81- billion condominium in Palawan.
The realtor has partnered with landowners Edwin C. Fabro and Calvin Ryan O. Coherco to develop their property, a two-hectare lot located on Mitra road, Barangay Sta. Monica in Puerto Princesa City.
IDC said its unit IDC Prime signed the joint-venture agreement and a sales and marketing agreement with the landowners.
“IDC is growing its project portfolio by farming out the development to its subsidiaries, leaving IDC to explore new locations, negotiate additional joint ventures and tap diverse funding sources,” the company said.
IDC Prime will develop it into a mixed-use condominium complex. IDC will provide management and technical oversight.
Fabro and Coherco will be entitled to 20 percent of the number of saleable units, while IDC Prime will have the rest, it said.
“All development works will be undertaken by IDC Prime. Sales and marketing of all units, including the 20 percent of Messrs. Edwin C. Fabro and Calvin Ryan O. Coherco, shall likewise be undertaken by IDC Prime,” the company said.
IDC Prime said it targets gross profit margin of 52.55 percent on the project.
In May, IDC through IDC Prime also ventured into a similar arrangement for a 1.5-hectare land in Dahilayan, Manolo Fortich in Bukidnon, owned by Ralph Martin Go Rafanan, Lauren Trinidad Gotil Go, Kathleen Gale Go Tan and Kristopher Glenn Tan Go.
IDC Prime will develop the property into a mixed-use development worth P1.22 billion, while IDC will provide management and technical oversight.
IDC Prime estimates gross profit margin of 80.24 percent, IDC said.
The landowners will be entitled to 20 percent of the number of saleable units, corresponding in value to not less than P75 million, while IDC Prime will be entitled to the rest.
