Italpinas Development Corp. (IDC) has partnered with AV Pamatong Trading & Construction Inc. (AVP) to develop its Citta Grande project in Cagayan de Oro City.
Citta Grande is the third phase of IDC’s Primavera City complex. It is a green home, office and commercial building project that will have smart home features.
“This partnership comes after years of successful collaboration between the two companies, with AVP having previously undertaken core phases of IDC’s Primavera City project,” IDC said in a statement.
The company said it will be contributing the land to the joint venture through unit IDC Prime, while AVP will take charge of the structural and masonry works.
IDC Prime will oversee the overall development of the 12-storey project, including the preparation of construction plans, while AVP will be responsible for key construction documents, such as bills of quantities, work schedules and material delivery schedules.
“Both parties will acquire ownership of designated, developed, and saleable units, in proportion to their contributions. AVP will own 24 percent of the project’s total number of units, with IDC Prime retaining the remaining 76 percent,” it said.
