LISTED real estate developer Italpinas Development Corp. (IDC) said its board agreed to terminate its joint venture agreement with Lanvin Natural Resources Corp.
In a stock exchange disclosure, the company said its board had agreed with the termination of the joint venture and the outright purchase of the property.
It said the termination and the deed of absolute sale were signed by both parties on Nov. 9.
IDC had agreed to enter an unincorporated joint venture agreement with Lanvin to develop about 5,347 square meters for the second phase of its Miramonti Green Residences project.
According to its website, the project was launched in 2018 and sits in Sto. Tomas, Batangas.
With this development, the company will purchase the property from Lanvin, IDC said.
“With the termination of the joint venture and the outright purchase of the property at the same price at which Lanvin bought it from RFM, IDC stands to appropriate the profits from the development without having to share the same with the landowner,” IDC said.
The company said that the previously signed joint venture between both parties had allowed IDC to secure the property without allocating capital expenditures.
Under its joint venture, Lanvin provided consultancy services and contributed the property with an area of 5,347 square meters, while IDC was supposed to develop the area for the P1.8-billion condominium project.
At the local bourse on Thursday, shares in the company closed unchanged at P0.73 apiece. — Ashley Erika O. Jose