Italpinas through subsidiary, IDC Prime, sign new JV Agreement with A.V. Pamatong Trading & Construction, Inc.

MANILA, Philippines —Italpinas Development Corp. (IDC) has formed a joint venture with a contractor to expand its mixed-use development in Cagayan de Oro City as property demand outside Metro Manila grows.

In a stock exchange filing, IDC said it had partnered with AV Pamatong Trading and Construction Inc. (AVP) to develop residential, office and commercial units within the Primavera City complex. These will comprise the “Citta Grande” phase of the project.

Under their agreement, IDC subsidiary IDC Prime will provide the land, while AVP will lead structural and masonry work.

AVP will own 24 percent of the total number of units, while IDC Prime will own the remaining 76 percent.

“Having known each other for over 15 years and having a proven working relationship, we are confident that this collaboration will produce excellent results for our community,” IDC chair and CEO Romolo Nati said in the disclosure