STATE-OWNED Development Bank of the Philippines (DBP) has approved up to P440 million in loans to boutique property developer Italpinas Development Corp.
Italpinas said the new funding will support its new project located in Cagayan de Oro.
The company said DBP is supporting Citta Bella at Primavera City, the name of its second phase development of the Primavera City complex. It is scheduled to start construction by the first quarter 2020.
DBP also supported Citta Verde at Primavera City, the company’s first phase development of the complex. Italpinas started construction of this project in September 2018, and will be ready for occupancy by June 2020.
“DBP is one of the major valued partner-banks of IDC [Italpinas]. This good relationship was further strengthened by its current [DBP] President and CEO Emmanuel G. Herbosa when he reassured his support to Primavera City, which is IDC’s trademark sustainable green housing project for the middle-market segment in Cagayan de Oro City,” the company said.
The loan documents were signed on December 12 at the DBP Head Office in Makati.
Upon completion, Primavera City is designed to be an iconic landmark edifice in Cagayan de Oro City, comprising a cluster of six mixed-use mid-rise condominium buildings and one high-rise condo.
“To date, we are pleased to inform our valued buyers and partners that Citta Verde, which is the first phase of Primavera City, will be ready for occupancy within second quarter [of] 2020. We will also commence construction soon of Citta Bella, the second phase development of the Primavera City complex,” Romolo Nati, the company’s chairman and CEO, said. In terms of sales performance of these first two phases of Primavera City, Jose D. Leviste III, the company’s president, said it has sold 96 percent of the residential units inventory of Citta Verde ( Primavera City Phase One) with revenues worth P775 million.
For Citta Bella (Primavera City Phase Two), around 60 percent of the residential units were already presold with sales value of P273 million.
“We are indeed very pleased with the market acceptance of our projects, and will continue to offer quality yet affordable housing products to our target market.” Nati said.