2 days Ago By N/A (James A. Loyola)
Citta Grande, third phase of Italpinas Development Corporation's Primavera City in Cagayan de Oro.Italpinas Development Corporation (IDC), a pioneering green real estate developer in Mindanao, has entered into a strategic joint venture with contractor AV Pamatong Trading & Construction Inc. (AVP) to develop the third phase of IDC’s Primavera City complex.
In a disclosure to the Philippine Stock Exchange IDC said this phase, known as Citta Grande, will execute the next step in the master planning of this mixed-use condominium project and lifestyle hub in Cagayan de Oro City, consisting of residential office and commercial units. This partnership comes after years of successful collaboration between the two companies, with AVP having previously undertaken core phases of IDC’s Primavera City project.The joint venture will see IDC Prime, a 100 percent-owned subsidiary of IDC, contributing the land for development, while AVP will take charge of the structural and masonry works.
Both parties will acquire ownership of designated, developed, and saleable units, in proportion to their contributions. AVP will own 24 percent of the project’s total number of units, with IDC Prime retaining the remaining 76 percent. IDC Prime will oversee the overall development of the project, including the preparation of construction plans, while AVP will be responsible for key construction documents, such as bills of quantities, work schedules, and material delivery schedules.
IDC and AVP have worked closely together since the very beginning of IDC’s journey. AVP was responsible for the construction of Phase 1 of IDC’s first project, Primavera Residences, and also Phase 1 of Primavera City, both projects setting the benchmark for environmentally friendly and architecturally innovative buildings in Mindanao. Their deep-rooted partnership has now culminated in this exciting new joint venture, signaling a shared vision for the future of real estate in the region.
In a statement, AVP President and CEO Eng. Alex V. Pamatong said “We are very happy to be working with IDC on this joint venture.
IDC is a pioneer in green architecture, with proven concepts that have led to strong sales and significant demand for their environmentally friendly buildings.”“Their strong presence in Cagayan de Oro City and their commitment to innovation make them the perfect partner for us. With over 15 years of working together, we know that our teams can work together with collaboration and unparalleled rapport, to deliver high-quality, sustainable projects that will leave a lasting impact on the region,” he added.
For IDC, this joint venture is an opportunity to combine forces with a partner that shares the same commitment to excellence and innovation. IDC Chairman and CEO Arch. Romolo V.
Nati said “We have been lucky to be working with AVP since day one of IDC’s story. Their reputation, experience, and local expertise make them the ideal partner for this venture.”“AVP’s quality, and professional workforce, coupled with their knowledge of the region and impressive track record in major infrastructure projects, gives us the security we need to move forward.
Having known each other for over 15 years and having a proven working relationship, we are confident that this collaboration will produce excellent results for our community,” he noted..
