LISTED Italpinas Development Corp. (IDC) said its subsidiary IDC Prime, Inc. has secured a P630-M loan for a mixed-use project in Cagayan de Oro (CdO).
Sourced from the Bank of the Philippine Islands, the loan will be used for IDC Prime’s maiden project, Primavera City Phase III, also known as Citta Grande, IDC said in a regulatory filing on Monday.
“IDC agreed to act as surety for the loan. The loan documents and surety agreement were signed last Sept. 4, 2024,” the listed company said.
“The development loan is secured by a mortgage on the land on which Citta Grande will be constructed, and on the resulting improvements thereon,” it added.
Launched in December 2022, Citta Grande is the third phase of IDC’s Primavera City project. It is a green building project that will feature smart homes to improve daily living.
Primavera City is a mixed-use development that consists of dining and shopping destinations, offices, and residences. It is designed for completion in four stages.
The development features solar panels, 24/7 security surveillance, free Wi-Fi connection in selected areas, a sauna, a playground, a gym, a sky pool area, a sky garden, and a function hall.
IDC Prime is engaged in the design and development of green buildings for the open market.
IDC is a listed sustainable real estate developer. Some of the company’s projects include the 10-storey twin tower Primavera Residences condo complex in Cagayan de Oro and the Miramonti condo towers in Batangas.
On Monday, IDC shares declined by 0.72% or one centavo to P1.38 per share. — Revin Mikhael D. Ochave
