REAL ESTATE developer Italpinas Development Corp. said its subsidiary IDC Prime, Inc. has entered into a joint venture agreement for the development of a mixed-use property in Palawan.
In a stock exchange disclosure, the company said IDC Prime agreed to enter into an unincorporated agreement with Edwin C. Fabro and Calvin Ryan O. Coherco, the owners of the land being developed by the company.
The company said IDC Prime intends to develop the area into a mixed-use condominium complex, while Italpinas Development will provide management and technical oversight. The project cost is valued at P2.81 billion.
“For the purpose of developing their property, consisting of 20,000 square meters, located at Mitra Road, Brgy. Sta. Monica, Puerto Princesa City, Palawan. The parties likewise entered into a Sales & Marketing Agreement for the Landowner’s share under the JVA,” Italpinas Development said in its regulatory filing.
The company said the agreement has already been approved by its board.
Further, the company said both the landowners will be entitled to 20% of the number of saleable units, while IDC will be entitled to the remaining 80%.
On Tuesday, shares in the company closed five centavos or 5.1% higher at P1.03 apiece. — Ashley Erika O. Jose
