Italpinas Development Corp. (IDC), builder of the imposing and one of the first green building in the city – the Primavera Residences in the uptown area of Cagayan de Oro City, is launching its newest groundbreaking project – the Primavera City which will be located also in the same area.
The grand launch is set in the second quarter and starting of construction of Phase 1 will be in the third quarter of this year. Target completion of the project and the turnover of its units to their owners is expected to be in the third quarter of 2018.
Primavera City is a seven-building integrated multifunctional project, which offers residential units and commercial and office components.
The project which will be located at the Pueblo de Oro Business Park is adjacent to SM City Cagayan de Oro and has an investment value of P653 million.
“Primavera City is a fitting follow-up to our highly successful and multi-awarded Primavera Residences, which caught the fancy of not just Filipino, but even foreign buyers and property experts for its modern Italian design infused with eco-friendly architecture,” Nati said.
The two towers of Primavera City Phase 1 will have 337 units: 57 of them commercial units, 231 are studio type, 22 are one-bedroom units and 27 are two-bedroom units, said IDC President Jose D. Leviste III.
Average sizes of the units are 50 to 60 square meters (sq m) for commercial units, 28 sq m for studio-type units, 47 sq m for the single-bedroom units, and 70 sq m for the two-bedroom units.
“We will conduct extensive marketing for our target buyers that include employed and/or self-employed individuals with gross family income of at least P50,000, such as local entrepreneurs, small- and medium-sized enterprises, overseas Filipino workers, young professionals and retirees, among others. With Cagayan de Oro City now an emerging tourism and investment destination in the country, Primavera City is a great buy, not just for first-time homeowners, but also for investors,” Leviste, a lawyer, said.
Primavera City is envisioned to be another IDC award-winning sustainable-development project, with its passive green features, such as increased natural ventilation, shaded façade and semi-transparent photo-voltaic panels covering the amenities located on the rooftop, among others IDC Chairman Nati stressed.
Green Building Features
The Primavera City project has been recognized as highly commended condo by the Climate Technology Initiative Private Financing Advisory Network in Singapore in 2014.
IFC Global Green Building Specialist Prashant Kapoor, IFC World Bank Legal Advisor and IFC Philippines head of Green Building Program Tess Lacerna and IFC Country Manager Jane Xu awarded the certificates to Primavera Residences Tower A and B as the “First Completed Condominium Project in East Asia Certified by EDGE.”
EDGE is an innovation of the IFC-World Bank Group. It helps property developers build and brand their properties “green.” It is the highest and most desirable program in the international real-estate industry.
EDGE is supported by a software that encourages solutions to reduce energy, water and energy consumption by at least 20 percent, which is the standard for EDGE certification.
IDC, which started in Cagayan de Oro City with its first flagship project the Primavera Residence has notched a series of milestones and achievements. It recently had its successful listing at the Philippine Stock Exchange.