Italpinas Development Corp. (IDC), a boutique property developer of mostly green buildings, said its income in the first half rose by 43 percent to P35.2 million, from last year’s P24.47 million, as sales rose despite the lockdowns.
Net sales jumped 36 percent to P278.68 million in the January-to-June period from last year’s P204.79 million, the company said.
Net income in the second quarter alone rose 28 percent to P19.58 million, from last year’s P15.21 million. Net sales, meanwhile, grew by almost half to P144.22 million, from last year’s P97.24 million.
“The key factor behind this extraordinary performance despite the Covid-19 pandemic is the sustained positive market response to IDC’s new green projects, namely Miramonti in Sto. Tomas, Batangas and Primavera City phase 2 in Cagayan de Oro,” Romolo Nati, the company’s CEO, said.
Both projects are strategically situated to grow with the decongestion of overcrowded areas. Miramonti is a 45-minute drive from Makati, while Citta Bella Primavera City Phase 2 is in uptown Cagayan de Oro City, one of its fastest growing areas in the country.
“The two projects are certified green buildings and they have been awarded the Best Mixed-Use Buildings in the Philippines award at the International Property Awards,” Nati said.
During the lockdown, he said people understood more than ever how important is to live in a comfortable and sustainable environment that can offer easy and direct access to open spaces, such a terraces and gardens, where unit owners can enjoy fresh air, exposure to natural sunlight and constant natural airflow.
“Being exposed to those natural elements can definitely help not only to provide a healthy and comfortable living style, but also to counteract spreading of virus, which is now known to spread more easily in environments where ventilation is poor.”
IDC President Jose D. Leviste III said the company is targetting alternative locations for the development of sustainable buildings, anticipating the trend of greater growth outside Metro Manila and Metro Cebu.
“Such locations offer many advantages, such as a lower cost of living, less traffic and less polluted environments. On top of that, we see that the market is more and more discerning about what it means to be truly ‘green.’ We respond with innovation and sustainability which is accessible in terms of price,” Leviste said.