IDC boosts expansion with new provincial developments

Listed property developer Italpinas Development Corp. (IDC), through its subsidiary IDC Homes Inc., has signed two joint venture agreements for new property developments in Palawan and Misamis Oriental.

In a disclosure, the company said its Board of Directors has authorized IDC Homes to develop a 78,870-square-meter property in Barangay Caniguran, Puerto Princesa City, into a mixed-use subdivision.

The second agreement covers the development of a 9,288-square-meter property in Barangay Quezon, Gitagum, Misamis Oriental, into a mixed-use condominium project.

IDC, a green property developer, has been expanding its footprint outside Metro Manila with residential and mixed-use projects targeting emerging cities.

In April, the company also partnered with AV Pamatong Trading & Construction Inc. to develop Citta Grande, the third phase of its Primavera City project in Cagayan de Oro. The development will include residential, office, and commercial spaces. Under the agreement, IDC will provide the land, while AVP will handle structural and masonry works.

Last year, IDC more than doubled its net income to P376.8 million, a 102.2 percent increase from P186.3 million in 2023. The growth was driven by improved margins, cost reductions, and gains from property revaluation.

Sales surged 100.6 percent to P600.26 million, buoyed by strong performance from projects such as Primavera City Verde in Cagayan de Oro and Miramonti 1 in Batangas.