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Italpinas expands portfolio with P2.8 billion Puerto Princesa project

A subsidiary of green property developer Italpinas Development Corp. unveiled plans to develop a P2.81 billion mixed-use complex in Puerto Princesa, Palawan.

In a regulatory filing, Italpinas said that IDC Prime has partnered with landowners Edwin Fabro and Ryan Cohere to transform a 20,000-square-meter property. The agreement includes a sales and marketing deal for the landowners’ share under the joint venture agreement.

Under the terms, the landowners will receive 20% of the salable units, while IDC Prime will retain 80%.

IDC Prime will handle the regulatory requirements, including licenses, environmental clearances, permits, and approvals from the local government, DHSUD, public utility companies, and other relevant agencies.

Italpinas, led by its CEO Romolo Nati, is expanding its project portfolio by outsourcing development to its subsidiaries. This allows Italpinas to focus on exploring new locations, negotiating additional joint ventures, and securing diverse funding sources.

The company projects a gross profit margin of 52.55% for IDC Prime’s developments.

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