BOUTIQUE property developer Italpinas Development Corp. said it plans to spend between P2 billion and P3 billion next year as it continues to expand its portfolio, while focusing on raising more funds to bankroll its projects.
Italpinas Chairman Romolo Nati said the amount will be used for the continued expansion of their projects in Cagayan de Oro City and Santo Tomas in Batangas.
“We are planning to launch phase two of Primavera City in Cagayan de Oro and also Miramonti in Batangas Phase II because our sales are doing well,” Nati said after the company’s stockholders’ meeting on Wednesday.
Nati said the company also aims to raise funds of around P500 million, mainly from the sale of convertible preferred shares, possibly during the first quarter of 2019.
“Then we will also consider working with banks. The market is responding very well,” he said.
He said part of the capex will also be used for land banking as they aim to expand to other provinces, particularly in Batangas, as well as in the Visayas and Mindanao.
“We want to be a national company,” Nati said.
For the Visayas, the company is looking at Negros, especially in Bacolod, Dumaguete and Iloilo.
The company, he said, has exceeded its initial sales targets for 2018 with the first phase of Primavera City almost sold out, while Miramonti sold almost half its units in just four months.
For next year, it will launch the second phase of Primavera, which will offer about 300 more units in the four-phase development that will have a total of 1,200 units.
Miramonti will also be launching its bigger second phase next year, which will generate about P2.5 billion from the sale of residential units compared to P1.8 billion from the first phase.