Listed real estate developer Italpinas Development Corp. (IDC) and contractor AV Pamatong Trading & Construction Inc. (AVP) have entered into a joint venture to develop Citta Grande, the third phase of IDC’s Primavera City complex in Cagayan de Oro City.
The project is part of a master-planned, mixed-use condominium and lifestyle hub and will feature residential, office, and commercial units.
Under the agreement, IDC Prime, a wholly owned subsidiary of IDC, will contribute the land for development, while AVP will handle structural and masonry works.
Based on their respective contributions, IDC Prime will retain 76 percent of the project’s total units, with AVP holding the remaining 24 percent.
IDC Chairman and CEO Arch. Romolo V. Nati said on Monday the deal affirms both firms' commitment to quality.
“We have been lucky to work with AVP since day one of IDC’s story. Their reputation, experience, and local expertise make them the ideal partner for this venture,” Nati said.
“AVP’s quality, and professional workforce, coupled with their knowledge of the region and impressive track record in major infrastructure projects, gives us the security we need to move forward,” he added.
IDC Prime will oversee the overall development, including construction plans, while AVP will prepare bills of quantities, work schedules, and material delivery schedules.
“We are very happy to be working with IDC on this joint venture. IDC is a pioneer in green architecture, with proven concepts that have led to strong sales and significant demand for their environmentally friendly buildings,” said Eng. Alex V. Pamatong, AVP President and CEO.