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Monday, June 24, 2024

Boutique property developers gear up for expansion

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Pocket real estate developers are eager to rapidly expand their footprint across the country as demand for housing projects rebounded strongly after the pandemic.

Italpinas Development Corp. said it is looking for more land acquisitions and partnerships to expand its presence beyond current markets.

Italpinas chief executive Romolo Valentino Nati said in a recent investors conference the company is working on more land deals and new partnerships with “first-class hospitality brands”.

IDC said a majority-owned subsidiary signed a joint venture agreement with Finca Montero Resources Inc. for the development of the latter’s property in Morong, Bataan. The 23-hectare property will be transformed into a mixed-use project, with project cost of P2.38 billion.

IDC Prime signed a serviced residence management agreement with Scotts Philippines Inc., the Philippine subsidiary of Ascott, the world’s largest international serviced residence operator.

Scotts Philippines manages the Ascott, Citadines and Somerset hotels and serviced residences in the Philippines and will operate Primavera City Phase 4 and Miramonti Phase 2 under the Citadines brand.

To temper the impact of rising interest rates and increasing prices of construction materials, IDC said it plans to enhance its in-house construction capability. It also intends to strengthen its online platform to market its residential offerings to domestic buyers and overseas Filipinos.

Another boutique property developer, Haus Talk Inc. is also keen on pursuing bigger projects. Haus Talk investor relations head Miguel Madlambayan said the company is willing to raise funds from the debt market to pursue bigger projects.

Based on the company’s 2023-2027 plan, Haus Talk eyes P11 billion in total sales and about 15,000 housing units sold.  To achieve this target, the company is looking to expand outside its traditional markets, Antipolo and Laguna. Already, the company is preparing to launch a development in Mariveles, Bataan.

Haus Talk said it would continue to focus on economic and middle-cost segment of housing market where units are priced between P1.7 million and P2.5 million each.

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