By Denise A. Valdez, Reporter
ITALPINAS DEVELOPMENT Corp. (IDC) is expecting to reach P3 billion in sales next year with the scheduled launch of the next phases of its mixed-use condominium projects in Batangas and Cagayan De Oro.
In a press briefing after the company’s stockholders’ meeting in Makati City yesterday, the listed property developer said it will introduce in 2020 the second phase of Miramonti Green Residences in Sto. Tomas, Batangas and the third phase of Primavera City in Cagayan De Oro City.
The first tower of the Miramonti Phase 2 is projected to generate P1.8 billion in total sales, while Phase 3 of Primavera City will add more or less P1.2 billion.
The Miramonti expansion, which will lie near the tail of South Luzon Expressway, will cover more than 5,000 square meters and have 21 stories. Primavera Phase 3, on the other hand, will have around 11 stories.
These two projects to be launched next year are seen to be the main revenue drivers of IDC.
However, the company said it is always on the lookout for opportunities to further expand its business.
“Of course we want to take full advantage of these areas where we are developing, but we are continuously scouting for new land… (Nothing is final yet), but we’re actively talking with potential partners or landowners,” IDC Chairman and Chief Executive Officer Romolo V. Nati told reporters yesterday.
The company is working to sustain the year-on-year growth of its net income, which has been doubling since 2016. Its net income was able to breach the P100-million mark last year with a 101% growth to P120.56 million.
“In terms of earnings, we would like to continue the same trend (in 2020). As you noticed, we practically have been able to double our net income every year,” Mr. Nati said.
In a statement yesterday, the company said it has already recorded a combined revenue of more than P1.44 billion from Miramonti and Primavera during the first nine months of the year.
IDC currently has an application with the Securities and Exchange Commission (SEC) to issue 33.34 million preferred shares priced at P15 apiece, with an over-allotment option of 10 million shares. This will raise up to P650 million for the company, which it said will be used to fund its capital expenditures (capex) and land acquisition.
“The main use of proceeds will be land banking and capex. it’s not for operations… But we’re also exploring JV (joint venture) partnerships or maybe portion JV and cash,” Mr. Nati said.
IDC is targeting to make the issuance of preferred shares before the year ends.