Boutique property developers gear up for expansion

Italpinas Development Corp. said it is looking for more land acquisitions and partnerships to expand its presence beyond current markets.

IDC said a majority-owned subsidiary signed a joint venture agreement with Finca Montero Resources Inc. for the development of the latter’s property in Morong, Bataan. The 23-hectare property will be transformed into a mixed-use project, with project cost of P2.38 billion. Scotts Philippines manages the Ascott, Citadines and Somerset hotels and serviced residences in the Philippines and will operate Primavera City Phase 4 and Miramonti Phase 2 under the Citadines brand.

Another boutique property developer, Haus Talk Inc. is also keen on pursuing bigger projects. Haus Talk investor relations head Miguel Madlambayan said the company is willing to raise funds from the debt market to pursue bigger projects.

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