Palawan, Italpinas’ new growth area

Listed property developer Italpinas Development Corp. (IDC) has signed five new joint venture agreements to develop real estate projects in Palawan.  

The company said over the weekend that the projects include Verona Princesa, Verona Puerto, and Verona Costa Verde in Puerto Princesa; Miramare Residences in Boracay; and Parco Leonardo in Pampanga.  

The developments will feature mixed-use communities that combine residential and commercial spaces while integrating sustainable architecture.

The new ventures are part of IDC’s partnership with the Co family, which acquired a 15 percent stake in the company in November. 

IDC and the Co family also previously entered into a joint venture for Riviera Puerto, a high-end sustainable residential and leisure development in Puerto Princesa. The project is currently in the design stage.

Tourism boom beckons

IDC President Jojo Leviste sees the company benefiting from Palawan’s booming tourism industry, which saw a nearly 90 percent increase in arrivals from 2022 to 2023.

“Tourism creates livelihoods and can transform local economies. As Palawan continues to attract more visitors, IDC intends to participate in the balancing of growth and conservation, which is a crucial and long-term task,” Leviste said. 

Meanwhile, IDC Chairman and CEO Romolo Nati said the company will continue its environmentally responsible designs in line with Palawan’s sustainability policies.  

“IDC is unique for its elegant and green architecture. Palawan is one of a kind for its natural beauty and its environmentalist culture. This is a perfect match,” Nati said.

IDC specializes in sustainable projects in emerging cities by combining environmental responsibility with Italian-inspired design in its developments.