Italpinas Development Corporation (IDC)has decided to buy out its partner Lanvin Natural Resources Corporation’s stake in the joint venture for the P1.8 billion expansion of IDC’s Batanas residential project.
Italpinas Development Corporation has decided to buy out its partner Lanvin Natural Resources Corporation’s stake in the joint venture for the P1.8 billion expansion of IDC’s Batanas residential project.
Upon payment of the full purchase price, Lanvin will assign to IDC all its rights, title and interest in the Joint Venture covering Phase 2 of IDC’s Miramonti Project in Sto. Tomas, Batangas. The master plan for IDC’s Miramonti Project consists of a Phase 1 and a Phase 2. Lanvin is contributing a parcel of land with an area of 5,347 square meters, as well as consultancy services.
Post development, and once fully sold, IDC expects net profits in the range of P850 million to P940 million from the project.
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