Tuesday, 12 January 2010

Italians to invest in 5 provinces in 2010

Inquirer.net
http://globalnation.inquirer.net/news/breakingnews/view/20100112-246857/Italians-to-invest-in-5-provinces-in-2010

MANILA, Philippines—Developer ItalPinas Inc. is pouring in hundred millions of investment in five provinces in the country this year by constructing eco-friendly buildings.

Romolo Nati, chief executive officer of ItalPinas, said his company already started the construction of a ten-story 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 his company is also targeting to build the same facility in Palawan, Mindoro, General Santos, and Davao, which shows great potential for property development.

Asked why his company has chosen the provinces instead of Metro Manila, Nati said Metro Manila is already congested.

“We did a market survey [before we started 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, more Filipinos are expected to buy condo units whose designs are tailored in Europe. Another plus factor for ItalPinas buildings, he said, is that they can produce they 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 his company targets 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 that for future projects, the company plans to enter into joint venture agreements with other companies in the country.

ItalPinas also plans to tap local banks for their funding requirements should its other survey yield 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.”

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