Italpinas Development Corp. (IDC) is spending P1.2 billion to develop a new mixed use community in Cagayan de Oro City.
IDC said in a disclosure to the stock exchange over the weekend the project, to be called Verona Green Apartments, would be the company’s first venture into the economic housing market.
The project will consist of a series of low-rise walk-up green buildings, offering both residential and commercial space.
Prices of the units in the Verona Green Apartments will range from approximately P1.2 million to P1.5 million each. All studio units are designed to have a 23 square meter (sq.m.) space with a balcony.
IDC plans to complete the project in two phases. The project designed to consist of about 900 residential units and around 50 commercial spaces.
“We’re very excited to launch into 2022 the Verona Green Apartments in 2022. We’re lucky that we have been able to continue strongly with sales, operations, and business development during the pandemic years of 2020 and 2021, and this new project is one of the outcomes of that business development thrust,” said IDC chairman and chief executive Romolo Nati.
“As a company, we know Cagayan de Oro well, and we love it for its people, its energy, and its inspiring growth. CdO was where we built our very first development (Primavera Residence), which is followed by a larger one (Primavera City), and now by the Verona Green Apartments. Because we are established there, we can immediately leverage our existing operational capacity to confidently accelerate the Verona project, and we are looking forward to doing this,” said Nati.
IDC for the project has formed a joint venture partnership with the Go family, which owns the 11,327 sq.m. property.
“We will deliver the typical IDC product with Italian design and green features to a different market. It is an extremely interesting market not only because of its size, but above all because we believe that all market segments should be able to own sustainable real estate products,” said Nati.