Italpinas forms JV with AV Pamatong to develop Primavera City Phase 3

LISTED sustainable property developer Italpinas Development Corp. (IDC) said its subsidiary, IDC Prime, Inc., has entered into a joint venture (JV) with contractor AV Pamatong Trading & Construction, Inc. (AVP) to develop the third phase of the Primavera City mixed-use complex in Cagayan de Oro City.

The third phase covers the construction of Città Grande, which is part of the Primavera City mixed-use condominium project and lifestyle hub that consists of residential, office, and commercial units, IDC said in a statement on Monday.

“This JV will enable the completion of Primavera City Phase 3 (Citta Grande) in a vastly more cashflow-efficient manner,” IDC said.

Under the JV, IDC Prime will contribute the land and supervise overall project development, while AVP will be in charge of the structural and masonry works, as well as construction documents such as bills of quantities, work schedules, and material delivery schedules.

Once finished, IDC Prime will retain 76% of the project’s total units, while AVP will own the remaining 24%.

“AVP’s quality and professional workforce, coupled with their knowledge of the region and impressive track record in major infrastructure projects, give us the security we need to move forward,” IDC Chairman and Chief Executive Officer Romolo V. Nati said.

AVP has constructed other IDC projects such as Phase 1 of IDC’s first project, Primavera Residences, as well as Phase 1 of Primavera City.

“With over 15 years of working together, we know that our teams can work together with collaboration and unparalleled rapport, to deliver high-quality, sustainable projects that will leave a lasting impact on the region,” AVP President and Chief Executive Officer Alex V. Pamatong said.

AVP is a contractor in Mindanao with experience in various infrastructure projects such as flyovers and airport constructions.

In March, IDC announced that it entered into five new JVs for real estate development projects, three of which are in Puerto Princesa, Palawan, while the remaining two are in Boracay and Pampanga.

IDC shares retreated by 1.82% or two centavos to P1.08 per share on Monday. — Revin Mikhael D. Ochave