REAL estate developer Italpinas Development Corp. (IDC) on Monday said that it had entered into a joint venture agreement (JVA) to develop a P2.42-billion mixed-use property in Cagayan de Oro City.
In a regulatory filing, the company said the agreement was signed with Gonzalo Go Jr. for the development of his property in the city’s Gusa area.
It said that Mr. Go contributed 43,198 square meters (sq.m.) of land for the mixed-use development, which would enable the company to develop the property without capital outlay for land.
“The related regulatory requirements include the necessary licenses, environmental clearance, permits, approval from the Local Government Units, DHSUD (Department of Human Settlements and Urban Development), public utility companies, and other government agencies having authority on condominium projects,” it said.
The company said profit-sharing provisions have yet to be determined along with the arrangement on management and operation.
In a separate filing, the company said that its majority-owned subsidiary, IDC Prime, Inc., has entered into a P2.38-billion JVA with Finca Montero Resources, Inc.
Under the agreement, the subsidiary would develop 23,272 sq.m. of land for another mixed-use project in Morong, Bataan.
“The agreement was negotiated by IDC, but the assignment of the development to IDC Prime is intended to disperse operations, leaving IDC free to make the strategic decisions, and pursue more projects,” IDC said.
The company has not provided other details on the agreement.
On Monday, its shares 1.27% or a centavo to P0.80 each. — Adrian H. Halili
