Listed property developer Italpinas Development Corp. (IDC), through its subsidiary IDC Homes Inc., has entered into two joint venture agreements for new property developments in Palawan and Misamis Oriental.
In a disclosure, the company said its Board of Directors authorized IDC Homes to develop a 78,870-square-meter property in Barangay Caniguran, Puerto Princesa City into a mixed-use subdivision project.
The second agreement aims to develop 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.
CdO project coming
The company also sealed a deal with AV Pamatong Trading & Construction Inc. in April to develop Citta Grande, the third phase of its Primavera City project in Cagayan de Oro (CdO).
The mixed-use project will feature residential, office and commercial units. 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, up 102.2 percent from P186.3 million in 2023, driven by improved margins, cost reductions, and a gain from property revaluation.
Sales also surged 100.6 percent to P600.26 million, boosted by strong performance from projects like Primavera City Verde in CdO and Miramonti 1 in Batangas.
