Italians to invest in 5 provinces in 2010
Posted on December 31st, 2009 under Biz Progress
Developer ItalPinas Inc. (ITPI) is pouring in hundred millions of investment in five provinces in the country next year by constructing the Green building.
Romolo Nati, chief executive officer of ItalPinas said they have already started the construction of a ten-storey condominium in Cagayan de Oro City which is expected to be completed in 14 months or by early 2011.
The more than 1,000 square meter property in Cagayan has a total investment of P180 million and the first Green building to be constructed in Asia and in the entire province of Mindanao.
Nati said they are also targeting to build the same facility in Palawan, Mindoro, General Santos and Davao which shows great potential for property development.
Asked why they have chosen the provinces instead of Metro Manila, Nati explained that the reason is merely because Metro Manila is already congested unlike the provinces particularly Cagayan de Oro.
“We did a market survey [before we start the project] and we like Cagayan de Oro because it has higher middle class market not to mention its fast-growing economy,” Nati said.
”We are not into Metro Manila because our idea is to focus in the provinces,” he added.
According to Nati since their units are sold lower than P3 million, they expect more Filipinos to avail of their projects whose designs are tailored in Europe, and also because it can produce its own energy through the use of a special solar panel “to maximize and optimize energy use.”
“Our goal is to reduce energy consumption…. Our building will save around 33 percent of energy,” he said.
Nati said they are targeting the overseas Filipino workers (OFWs) market and the migrants abroad.
Currently, there are over eight million OFWs employed in 194 countries and majority of them are in the United States, Middle East, Canada, Hong Kong and in Europe.
ItalPinas is a partnership between an Italian firm and the Constellation Energy Corp. headed by its chairman Jose P. Leviste Jr.
Nati said for their new projects they are planning to enter into a joint venture with other existing companies in the country.
They also plan to tap local banks for their funding requirements should their other survey yielded positive results.
”At present we are talking with some private investors,” Nati said adding that with the “market seems to be very good, we may not need bank financing.”
(Story courtesy of PNA)
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