Italpinas raising funds for expansion

Boutique property developer Italpinas Development Corp. (IDC) expects to spend some P2 billion to fund various developments in the next two years.

IDC may raise funds by bringing in strategic investors or offering preferred shares or other debt paper, company chair Romolo Nati said.

“In addition to new funds, we also value new ideas and new infusions of perspective and creative energy. For this, we meet with various potential partners that are interested in joining a growing and innovative company like IDC to collaborate in various capacities,” he said.

It was earlier reported that IDC was in discussion with Davao-based businessman Dennis Uy for investment in the property developer but industry sources said the deal might not necessarily push through. Nonetheless, IDC is continuing with its program to be a more significant property developer.

In addition to continuing the development of Primavera City, IDC’s second complex in Cagayan de Oro, the company is now developing a new project called “Miramonti” in Santo Tomas, Batangas.

The P2-billion capital spending for the next two years covers only projects that are already imminent in IDC’s pipeline, such as the next phases of Primavera City and Miramonti.

IDC is also doing due diligence on a property in Visayas, but Nati said he could not disclose the details yet. —DORIS DUMLAO-ABADILLA