REALTOR ItalPinas Development Corp. (ICD), on Wednesday revealed plans to pursue more real estate development projects in the provinces as its business enjoys brisk sales.
Romulo Nati, IDC chairman, told the Philippine Stock Exchage’s (PSE) Strengthening Access and Reach (STAR) forum that the company is securing permits for “projects in various locations,” on top of existing ones in Bukidnon and Cagayan de Oro.
“We are confident that Bukinon will become, is already becoming, a very hard destination for domestic and later on also for foreign tourism. We are happy to be among the first to understand the potential of a place, like we know the location ahead of competition,” Nati said, noting the slowdown in sales and misalignment between supply and demand in Metro Manila.
“This is not happening in many of the emerging cities in the Philippines and in all places where we are. We are experiencing no slowdown in sales. Actually, we are experiencing an increase in demand,” Nati said.
Nati said the long-term outlook for demand in the provinces is quite positive, especially for more sophisticated markets.
ItalPinas has been able to close nearly 20 new joint ventures with landowners, contractors and partner with first class hospitality brands like Scott and Dusit Thani, with their business specializing in economic development, tourism and hospitality, he added.
In particular, Nati said that IDC has been expanding to other areas since starting out in Cagayan de Oro. He said the company is now expanding in Bukidnon and in other areas of Northern Mindanao, as well as in Palawan.
“We designed and now we are securing permits for projects in Pampanga, in Boracay, in Bataan, many other areas in the Philippines,” he added.
