IDC, Lanvin ink joint venture deal

MANILA, Philippines — Italpinas Development Corp. (IDC) has signed a joint venture agreement with  Lanvin Natural Resources Corp. for the expansion of its Batangas development.

Lanvin is a company wholly owned by the family of IDC president Jose Leviste III.

In a disclosure, IDC said the agreement would be for the development of an area of 5,347 square meters into Phase 2 of IDC’s Miranmonti Green Residences project located in Sto.Tomas, Batangas.

Miramonti Green Residences is a mixed-use 21-story, green vertical housing development.

Lanvin will be contributing the land, as well as consultancy service, IDC said in its disclosure.

IDC, for its part, will develop the condominium project which has a total project cost of approximately P1.8 billion.

Last January, IDC also partnered with the Go family, an entrepreneurial family with interests in Mindanao, to develop a new project in Cagayan de Oro City.

With an investment of P1.2 billion, Verona Green Apartments will consist of a series of four-story, walk-up green buildings, offering both residential and commercial space.

IDC is offering the low-rise format for the first time, after introducing several successful high-rise projects.

IDC chairman and CEO  Romolo Nati said Verona would be consistent with all other IDC projects.

“It will deliver the same sustainable green design philosophies that we incorporate in all our work. This includes the harnessing of natural conditions to create comfort and efficiency. For example, the flow of air is deliberately predetermined by our architectural designs. Light and shadow are also modeled digitally so we can design for natural illumination without the heat of direct sunlight. All these details are at the heart of our creative process,” he said.

Verona will be developed under an exclusive joint venture agreement with the landowners, the Go family, a prominent and established entrepreneurial clan with interests across Mindanao.