[ manilastandardtoday.com ] May 18, 2010
Ortigas & Co. Ltd. Partnerships, a private company owned by the Ortigas family, has launched a third tower project within its P15-billion Circulo Verde property development in Bagumbayan, Quezon City.
Ortigas & Co. general manager Joey Santos told reporters that the third tower, called Seville Residences, would cost P800 million to build. It will have 15 floors of residential units, two for retail establishments and a two-level podium parking.
The residential tower will contain 141 units designed to lure medium-income earners.
The Circulo Verde property project in Calle Industria is near Eastwood City township in Libis, Quezon City.
A typical three-bedroom unit in the third tower will occupy 96 square meters costing between P8 million and P9 million, with free parking slot. A two-bedroom unit with a size of 69 sq. m. and a free parking amenity, meanwhile, will cost P6.5 million.
A one-bedroom unit occupying 44 sq. m. will cost P3.7 million without parking.
Santos said Ortigas would begin construction of Seville Residences this year for completion by 2014.
“Like all Ortigas & Co. developments, we designed Seville Residences in Circulo Verde to be an ideal place for leisure and living—a vibrant mix of residences and greens to ensure the best living conditions to our residents,” Santos said.
The first phase of the Circulo Verde project involves the construction of five residential towers. The first, an 11-story building called Majorca, was sold out while Ibiza, a 23-story structure, was 70 percent sold.
“We are on time. In 2009, we are meeting our construction time lines, especially of our first two residential towers in Majorca and Ibiza. Ortigas & Co. completed the foundations of these towers last year. Sales have also continued to be very good with Majorca already sold out and Ibiza with a few units left,” Santos said.
The first phase is expected to be completed in five years. The whole development will feature 15 residential towers on completion of all phases, with 70 percent of the land area allocated for parks, playgrounds and jogging and biking lanes.
The 70-year-old Ortigas & Co. transformed the grassland of Ortigas into thriving urban complexes. It counts in its portolio some of the country’s best residential, business, and commercial developments, including the landmark Greenhills Shopping Center, Ortigas Center, Tiendesitas and Greenmeadows. Jenniffer B. Austria