BOUTIQUE property developer Italpinas Development Corp. on Monday said it secured a P420-million term loan from state-owned Land Bank of the Philippines (LandBank) to finance its third project to be located in Santo Tomas in Batangas.
The company said it signed an agreement for the state-owned bank to provide some of the funds needed to build Miramonti Green Residences, a 21-story mixed-use green building located in RFM Science Park/LISP III, Santo Tomas, Batangas.
This is the second partnership of IDC and the LandBank, as both partnered for the Primavera Residences Tower A in Cagayan de Oro City.
The Miramonti project will be comprised of three towers and will be developed in two phases. The first phase to be funded by the LandBank will be one tower structure sitting on a podium to be built on a prime commercial lot of 2,057 square meters.
It will offer 352 residential units, 20 commercial spaces and 88 parking slots to provide ample space for cars to park inside the building.
“Miramonti will be equipped with photovoltaic panels located in the roof top for renewable-energy production. It will also have a water recycling system to reduce water consumption. The building will use passive green design features to increase natural ventilation and shading on the façade to reduce energy consumption,” the company said.
IDC has applied Miramonti for EDGE accreditation as a certified green building, which will benefit all of its owners and investors. EDGE, or Excellence in Design for Greater Efficiencies, is a certification body backed by the International Finance Corp. and the World Bank in certifying as environment-friendly buildings and developments that want to call themselves green.
The company said it would also appoint a professional property management company who will manage and maintain the property and/or manage some of the residential units as service apartments.
“I am beyond grateful that the Land Bank of the Philippines trusted and believed in the company’s mission in creating sustainable developments throughout the Philippines,” Romolo Nati, the company’s chairman and CEO, said in a statement.
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