Green real estate developer Italpinas Development Corp. said Tuesday first-half net income increased by 44 percent to P35.2 million from P24.4 million in the same period last year on higher sales from newly-launched projects.
IDC said in a statement first-half revenues grew 36 percent to P278 million from P204 million a year earlier.
IDC chief executive and chief designer Romulo Nati said the company managed to post higher revenues in the first six months despite the coronavirus pandemic because of the sustained positive market response to new green projects.
Nati said the two new green projects—Miramonti in Sto. Tomas, Batangas and Primavera City (Phase 2) in Cagayan de Oro—are strategically situated to grow with the decongestion of overcrowded areas.
"During the lockdown, people understood more than ever how important it 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,” Nati said.
“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,” he said.
The developer said it prepared resiliency plans to mitigate the risks and challenges brought about by the pandemic.
Business operations have not been significantly compromised thus far, as demand for IDC’s product was sustained this year.
“We believe that after the COVID situation, green buildings are more relevant than ever before. Well-ventilated buildings with direct access to outdoor spaces and presence of abundant natural lights and other sustainable features are more attractive to the market now than before," Nati said.
"Our sales performance, not only have not been affected by the pandemic, but they increased. This is a confirmation that market interest is definitely shifting towards green and accessible real estate products outside the main cities,” he said.