IDC enters JV to develop 15K sqm property in Bukidnon

Business.
Business.(Business File photo)

IDC Prime Inc., IDC’s majority-owned subsidiary, entered into an unincorporated Joint Venture Agreement with Ralph Martin Go Rafanan, Lauren Trinidad Gotil Go, Kathleen Gale Go Tan and Kristopher Glenn Tan Go to develop their property, consisting of 15,000 square meters, located at Dahilayan, Manolo Fortich, Bukidnon.

IDC Prime, told the local bourse, on Tuesday, May 14, 2024, that it will develop the property into a mixed-use development, while IDC will provide management and technical oversight.

The total project cost is estimated at P1.22 billion.

The landowners will be entitled to 20 percent of the number of saleable units, corresponding in value to not less than P75 million. IDC Prime will be entitled to the remaining 80 percent of the saleable units.

IDC said it intends to grow its project portfolio by farming out the development of projects to its subsidiaries, leaving IDC to explore new locations, negotiate additional joint ventures and tap diverse funding sources. / KOC

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