Italpinas Secures Loan for Primavera City
Italpinas Development Corp. obtained a loan that could lay the ground work for one of Cagayan de Oro’s first Primavera City.
Development Bank of the Philippines (DBP) gave a P350-million term loan for its Cagayan de Oro Project, a seven-tower mixed-use development featuring office, residential, and commercial spaces at Pueblo de Oro. The development is divided into four phases and the financing will partially carry the first phase of construction that includes Tower One and Two.
DBP will be providing P350 million to partially finance the construction of Phase 1 of Primavera City Towers 1 and 2. They have committed to provide that amount and it will be released in two tranches. The first tranche will be P200 million. This will construct Tower 1, including the Tower 2 podium, Dacumos said
The groundbreaking is expected to happen by this coming June 18 while the contruction follows a month after. It would take around 20 months for Phase 1 to be completed, with the first tower taking at least 14 months to build and the second tower around 8 months.
Once the the company receives a go signal from government authorities to sell the units, a total of 3,000 square meters will be up for lease. Tower 1 and 2 will translate into P1.4 billion worth of gross revenue once completely sold out in which Italpinas intends to dispose in 2 years.
The International Finance Corp., the private- sector arm of the World Bank, has awarded the EDGE certification to Primavera City.
Primavera is the first completed condominium project in East Asia to be certified by EDGE, which the IFC called its “innovation,” as it helps property developers build and brand their properties “green” in a fast, easy and affordable way.
EDGE is supported by a software that encourages solutions to reduce energy and water used to make building materials by at least 20 percent, which is the standard for the certification, IFC said.