Italpinas Development Corporation (IDC) made headlines when they unveiled one of the most self-sufficient, eco-friendly mixed-use condominiums ever to grace the skylines in any of the Philippine cities, the Primavera Residences in Cagayan de Oro. Before this twin tower project was even completed, it already received numerous recognitions and awards from a variety of institutions and international award-giving bodies, including the Southeast Asia Property Awards (SEAPA) in Singapore and the International Property Awards in Kuala Lumpur.
Primavera Residences has also received a certificate of recognition as a finalist and one of the “Most Promising Clean Energy Investment Opportunities” during the Climate Technology Initiative Private Financing Advisory Network (CTI PFAN) in a Philippine Clean Energy Investment Forum in Manila. With its completion, Primavera Residences, aka the “Twin Towers,” proves to the international community that human ingenuity and perseverance can really make any dream a reality, including creating a state-of-the-art, energy-efficient commercial and residential building.
Italpinas’ Newest Project: Primavera City
Next on the docket for Italpinas Development Corp. is Primavera City. Still located in uptown CDO, at the Pueblo de Oro Business Park, where Primavera Residences is situated, Primavera City is a master-planned condominium project that is surely going to further the cause of IDC in promoting affordable, eco-friendly living. This is the latest project for Italpinas in Cagayan de Oro; a self-sustainable, mixed-use condominium development that has already received praise and recognition from the Climate Technology Initiative Private Financing Advisory Network (CTI PFAN). The CTI PFAN’s funding partners include the Asian Development Bank (ADB) and the US Agency for International Development (USAID).
Just like the previous project, Primavera City was recognized as one of the top 10 “most promising clean energy investment opportunities” in 2013, during a competition held in Singapore. Interestingly, this real estate project is the only design consisting of seven mixed-use commercial and residential developments that boasts of both passive and active green features, using huge PV solar panel arrays for each of the building’s rooftops, essentially topping over 100 other eco-friendly projects in all of Asia. We can expect the development project to be constructed in four different phases.
According to the Italpinas Development Corp. website, the grand launch of these mixed-use energy-efficient buildings is set in the second quarter of this year, with the construction of Phase 1 or the first two mid-rise buildings set to commence in the third quarter. While the remaining structures, including the high-rise, will follow later. The project will receive its funding through the initial public offering, or IPO, set by IDC and its partners.
In a recent interview, IDC Chairman and COO Romolo Valentino Nati, an Italian architect, stated that the first phase of the development project will consist of the construction of the first two buildings with a total of 11 floors each. These buildings will be integrated multifunctional structures that will house commercial, residential, and office spaces. The project requires an investment estimated at around PHP 653 million.
Architect Nati, who also played a major role in the design of IDC’s previous Primavera Residences project, further stated that, “Primavera City is a fitting follow-up to our highly successful and multi-awarded Primavera Residences, which caught the fancy of not just Filipinos but even foreign buyers and property experts for its modern Italian design infused with eco-friendly architecture.” Indeed, this latest project is the next big step, not just for the real estate development company, but for the real estate industry as well.
Structural and Condominium Features
According to Italpinas Development Corp. the projected completion of the Primavera City project and the turnover of its units to their owners will be around the third quarter of 2018, if all goes well. IDC President Jose D. Leviste III confirmed in an interview that the first two towers of Primavera City Phase 1 are designed to house a total of 337 units. Of the 337 units, 57 will be commercial units, 22 are one-bedroom residential units, 27 are two-bedroom units, and 231 are studio-type residences. The average sizes of the units are 50 to 60 square meters for the commercial spaces, 47 for the one-bedroom, 70 sqm for the two-bedroom, and around 28 square meters for the studio type units.
According to Leviste, a lawyer and a graduate of the University of New South Whales in Australia, their target buyers include “employed and/or self-employed individuals with gross family income of at least PHP 50,000 such as local entrepreneurs, SMEs, OFWs, young professionals, and retirees, among others.” He further emphasized that, “With Cagayan de Oro now an emerging tourism and investment destination in the country, Primavera City is a great buy, not just for first-time home buyers, but also for investors.”