IDVC to Acquire Dubai-Based Real Estate Brokerage
Friday, 04 April, 2014
SALT LAKE CITY, UT- (Accesswire - October 22, 2013) - Infrastructure Developments Corp. (IDVC) (the "Company") announced today that its subsidiary Interspec International, Inc., has been engaged by a developer in the Philippines to manage all planning and construction of a 130 home upscale residential subdivision near the Clark Special Economic Zone, Pampanga, Philippines.
Sindalan Realty, Inc., has approval to develop a 4.3 hectare site with 130 homes that will be marketed in the $165,000 to $200,000 price range. The development will have modern, useful common areas and amenities, and will offer residences built to international standards.
"The design, planning and site infrastructure work we did for Glass Hill in Thailand attracted Sindalan to hire us for this important project," stated the Company's CEO Eric Montandon. "The Philippines, especially this area near the Clark International Airport, has a growing market for residences built to proper standards. We are pleased to be able to work on a project we understand completely, in an area where our managers have practical experience."
"Our market for homes in this region, especially in our key location near the Clark Free Zone, now demands better quality and more efficient designs than have been used by developers in the past," commented Josephine Sidor, CEO of Sindalan. "We need international firms like Interspec to help deliver our project faster with above average quality standards, using modern building systems rather than hand labor. We have seen the very good work Interspec did in Thailand and Cambodia for its demanding clients, and we feel they can meet all of our project management requirements."
The project will require approximately $1,000,000 worth of site infrastructure and between $7,000,000 and $11,000,000 worth of home construction, depending our how many developer-built homes are sold. Sindalan has sales offices in the Philippines, the U.S., and Dubai that focus on the target markets of Filipino families, Filipino foreign workers, and western ex-pat retirees.
A number of statements contained in this press release are forward-looking statements. These forward-looking statements involve a number of risks and uncertainties including the Company's development, competitive market conditions, and its prospects for securing additional sources of financing as required. The actual results that the Company may achieve could differ materially from any forward-looking statements due to such risks and uncertainties. The Company encourages the public to read the information provided here in conjunction with its most recent filings on Form 10-Q and Form 10-K. The Company's public filings may be viewed at www.sec.gov.
Infrastructure Developments Corp.