LISTED developer Italpinas’s advocacy of green and sustainable architecture got a boost when it was cited the Leadership in Sustainability Design Award by the Philippine Green Building Council (PGBC) for its pioneering Primavera Residences project in Uptown Cagayan de Oro.
To sweeten its accomplishment, the company will represent the country at the coming World Green Building Council Asia-Pacific Regional Network Leadership Awards for the same category. By its award, the company said it will play a more active role in promoting awareness of the importance of sustainable architecture.
The Cagayan de Oro-based developer’s flagship development was recognized for its two eco-friendly strategies: the use of passive green energy, involving an inner courtyard, a cross-ventilation layout and shaded façades; and the use of renewable energy by harnessing solar energy from rooftop photovoltaic panels, to provide electricity to common areas and to afford its residents savings of 20 percent to 32 percent in air-conditioning costs.
The project also embodies principles of biomimicry, an architectural philosophy that is inspired by nature.
Planned by multiawarded green architect Romolo Valentino Nati of Italy, the Primavera Residences emphasis on design and sustainability will be replicated in all developments of Italpinas. The company’s follow-up offering is Primavera City, also in uptown Cagayan de Oro.
Nati, who is also the chairman and chief executive of Italpinas, explained they are motivated by the positive response of the market of its design-driven approach and focus on sustainability. He added the PGBC award also serves as an inspiration to Italpinas to further push green architecture in the country. Italpinas reported a hefty 142.9-percent increase in net income in 2015, from sales of Primavera Residences units. The company recorded net sales of P216 million for the two-tower condo, a robust 62-percent increase year-on-year, as of the end of fiscal year 2015. Eighty-two percent of the 328 units in both towers have already been sold, with only six remaining in the first.
Moreover, Italpinas also reported a return of equity of 22 percent, also as of the end of fiscal year 2015.
Following its initial success in Mindanao, Italpinas revealed that it will expand outside of Metro Manila and pursue development projects in Cagayan de Oro, Batangas, Mindoro and Negros, as well.