Ortigas property firm to pursue midrise, medium density projects

Written by Rizal Raoul Reyes / Correspondent

Wednesday, 17 December 2008 23:05

Business and the economy are expected to encounter a rough year in 2009. But Ortigas and Co. Ltd. Partnership (OCLP) remains optimistic, focused as it is on its niche market even as the77-year-old company puts emphasis on value for money in its products In an interview with the BusinessMirror, OCLP chief operating officer Rex Drilon II said that even if times are expected to be difficult next year, some bright spots for the company will remain. “Our type of products will still be in demand. We’ve had our best year this year, but we’re looking forward to another good year in 2009,” said Drilon, adding that, “you really need to do what to do not only to survive but to thrive well in crisis.” For the next five years, Drilon said OCLP will concentrate in developing midrise, medium-density products for the Philippine property market. At present, OCLP is developing the P20-bllion Circulo Verde project. The project is being built on a 12-hectare property that used to be owned by affiliate Concrete Aggregates Corp. in Libis, Quezon City. OCLP bought the land for P1.13 billion. Drilon said accessibility is the main advantage of Circulo Verde. It is proximate to Metro Manila’s major thoroughfares such as Edsa, Ortigas Avenue, E. Rodriguez Avenue (C-5), Katipunan Avenue and Marcos Highway. The project has four phases. The first phase includes five buildings with a total of 900 units within a 2.5-hectare area. Units in this phase will be sold at P4.5 million to P5 million. The company said the project is a low-density development, with more than 70 percent of the land allocated for parks and open space, while buildings will have varying heights to give residents an unobstructed view of the greens. Drilon pointed out that Circulo Verde can give competitors a run for their money because of its location and value-for-money pricing. “We’re very bullish about our Circulo Verde project. We will be competing with the likes of Alveo and probably the higher-end units of Avida,” he said. Currently, the OCLP is formalizing the master plan for the redevelopment of Greenhills shopping center. He said the plan will expand the size of the commercial center in terms of commercial spaces. From the present 100,000 square meters, Drilon said a redeveloped Greenhills shopping center would have 400,000 to 500,000 sq m of shopping spaces. The redevelopment of the 42-year- old commercial center will have five phases. Under the plan, OCLP will build three residential towers, one service hotel and additional parking facilities. “Options on how to start the redevelopment of the commercial center will depend on the economic conditions,” said Drilon. At the same time, he said OCLP is also studying the master plan for its Fonterra Verde commercial area and renovating the Silver City mall to become a mall and business-process outsourcing site. The renovation of Silver City will be completed in 2009. Earlier, OCLP had also announced that it will build its 75-story One Galleon Place, which, once completed, will be one of the country’s tallest buildings. The skyscraper, the Fonterra Verde and Silver City projects are all located within the 18.5-hectare Ortigas development project near the corner of Ortigas and E. Rodriguez Jr. avenues (C-5) in Pasig City.