Vol. XXII, No. 158 [ BusinessWorld Online ]
Friday, March 13, 2009 | MANILA, PHILIPPINES
BY KRISTINE JANE R. LIU, Reporter
PROPERTY COMPANY Ortigas & Co. Ltd. Partnership will allot P60 billion in the next couple of years to finance three major projects.
The company yesterday launched its 12-hectare Circulo Verde in Quezon City, which targets the middle and upper middle markets.
The property company is also developing the master plan for the improvement of its Greenhills project.
Ortigas & Co. is also seeking to develop its 1.3-hectare land in Ortigas Center in Pasig, where the property company plans to build the country’s tallest building.
Ortigas & Co. Chief Operating Officer Rex C. Drilon II told reporters yesterday the projects would cost at least P20 billion each.
About P40 billion has been allotted for Circulo Verde and Greenhills, while the remaining P20 billion will be used for the Ortigas Center project.
"It is good to be cautious but it is not advisable to be paralyzed. What were are trying to do at Ortigas is to prevent a despairing situation where people are scared and may stop investing," Mr. Drilon said.
He also said the market was expected to patronize their projects, noting that the average industry take-up last year was about 500 to 600 units a month despite tight credit and the slowing global economy.
"There is still a shortfall of 1.2 million units in the mid-market. There should still be a lot of opportunities. If you look at all the projects going on at this time, the company is still nowhere close to addressing the housing gap," he pointed out.
Circulo Verde is the company’s first high-rise project that will house 12 residential towers of varying heights.
It will have a combined total of 5,000 units — the smallest of which is a 44-square meter, one-bedroom unit, while the biggest is a 107-square meter, three-bedroom unit that will be sold for P80,000 per square meter.
The project, which the company will build in four phases, will also feature amenities such as swimming pools, jogging paths and dog parks.
Ortigas & Co. said it would start the development of the first two towers this year and hopes to sell 200 units before the year ends. The company expects to complete the entire project in 15 years.
Meanwhile, Ibiza Tower is a 23-storey residential building designed for young couples and independent individuals, while Majorca is an 11-storey mid-rise building that Ortigas & Co. said is ideal for starting families.
Aside from Circulo Verde, the company is also finalizing the schematic plan for its Greenhills Shopping Center.
The property developer plans to double Greenhills’s flea market, built a traditional mall, and residential and commercial buildings.
The property company is also erecting in Pasig City what it hopes to become the country’s tallest building.
The 75-storey structure which will be known as the One Galleon Place and is expected to beat the 52-storey PBCom Tower in Makati and the world’s eighth tallest building, the 69-storey Shun Hing Square in Shenzhen, China.
Although Ortigas & Co. still does not know when it will start the project, the skyscraper is envisioned to be divided into two portions — the upper half dedicated to a five-star hotel and the lower half for office units.
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