Ortigas allots P60B for development projects

Written by Honey Madrilejos-Reyes / Reporter

Thursday, 12 March 2009 22:34

CONVINCED that the slowdown brought about by the global economic crisis is just a phase, one of the country’s oldest property developers, Ortigas & Co. Ltd. Partnership (OCLP) said it will continue to be aggressive as it announced a P60-billion development program over the next 10 to 15 years. In an interview on Thursday, chief operating officer Rex Drilon II said the company has planned three major projects under way. The first two are new residential and mixed-use projects while the other one is the renovation and expansion of the Greenhills Shopping Center in San Juan, considered as OCLP’s most famous project, to date. The 77-year-old property firm is currently developing the P20-billion Circulo Verde project built on a 12-hectare property on Calle Industria, Bagumbayan in Quezon City that used to be owned by affiliate Concrete Aggregates Corp. Drilon said accessibility is the main advantage of Circulo Verde. It is near to Metro Manila’s major thoroughfares such as Edsa, Ortigas Avenue, Carlos P. Garcia Avenue (C-5), Katipunan Avenue and Marcos Highway. “Even if you look at all the projects going on at this time, we’re nowhere close to addressing the housing gap. And while there are many ongoing projects, we believe that we will be able to offer something different,” said Drilon. Circulo Verde will feature 12 residential towers in varied heights, consisting of about 5,000 units. There will also be a town center where retail space and modern conveniences come together to serve the needs of the residents and the community. The first phase of the development covers five residential buildings on a 2.7-hectare area. Currently being developed are Ibiza Tower and Majorca Residences, a 23-story and 11-story development, respectively. Designed by architecture and design firm RTKL, full completion of the project is expected in 15 years. Unit prices range between P3.5 million and P6 million. “The average industry takeup last year was about 500 to 600 condo units a month. That shows how much is moving. And if the shortfall is 1.2 million units in the midmarket, there should be a lot of opportunities,” said Drilon. OCLP is also in the process of completing the master plan for the redevelopment of Greenhills shopping center, which will basically expand the size of the commercial center in terms of commercial spaces. From the present 100,000 square meters (sq m), Drilon said a redeveloped Greenhills shopping center would have 400,000 sq m to 500,000 sq m of shopping spaces. The redevelopment of the 42-year-old commercial center will be done in five phases. The company is planning to build three residential towers, one service hotel, a new and bigger Music Museum and additional parking facilities. The renovation and expansion of the shopping center will also require an investment of P20 billion, said Drilon. The company’s third major project is the 75-story One Galleon Place, which, once completed, will be one of the country’s tallest buildings. It will be located on its 1.3-hectare vacant lot along ADB Avenue, Ortigas. Similar to the two other projects, Drilon said another P20 billion will be allocated to One Galleon Place. The projects will be funded by a combination of preselling proceeds, internally generated cash and borrowings. IN PHOTO -- ORTIGAS & Co. allocates P60 billion for major development projects. Photo shows company executives (from left) Joey Santos, deputy chief operating officer; Cathy Ko, general manager for real estate division, Greg Yager, SVP of RTKL; and Rex Drilon during yesterday’s launch of the Circulo Verde mixed-use project in Quezon City.