Italpinas partners with AVP to develop Primavera masterplan

Listed property firm Italpinas Development Corp. (IDC) has entered into a strategic joint venture with AV Pamatong Trading & Construction Inc. (AVP) to enhance the third phase of its Primavera City complex.

The phase, dubbed “Citta Grande,'' will execute the next step in the master planning of this mixed-use condominium project and lifestyle hub in Cagayan de Oro City, which will consist of residential office and commercial units. 

The said partnership came after the AVP had undertaken core phases of the IDC’s Primavera City project. The joint venture will see IDC Prime as a contributor of land for development, while AVP will take charge of the structural and masonry works. 

IDC chairman and CEO Romolo Nati expressed confidence in AVP’s capability, saying that its reputation, experience, and local expertise make them the ideal partner for this venture. 

''AVP’s quality, and professional workforce, coupled with their knowledge of the region and impressive track record in major infrastructure projects, gives us the security we need to move forward,'' Nati said in a press release issued Monday. 

In turn, AVP president and CEO Alex Pamatong said IDC has been a ''pioneer in green architecture, with proven concepts that have led to strong sales and significant demand for their environmentally friendly buildings.''

''Their strong presence in Cagayan de Oro City and their commitment to innovation make them the perfect partner for us. 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,'' Pamatong said.

Both parties will also acquire ownership of designated, developed, and saleable units, in proportion to their contributions, with the AVP owning 24% of the project’s total number of units while IDC retains the remaining 76%. 

The IDC will oversee the overall development of the project, including the preparation of construction plans while the AVP will be responsible for key construction documents, such as bills of quantities, work schedules, and material delivery schedules. — Anna Felicia Bajo/BM, GMA Integrated News