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Ortigas sees doubling of sales from real estate

Published : Monday, February 20, 2012 00:00 [ manilatimes.net ]
Written by : KRISTA ANGELA M. MONTEALEGRE

Property developer Ortigas & Co., the owner and operator of the Greenhills Shopping Center, expects to double sales from its real estate division.

Joey Santos, Ortigas & Co. real estate division general manager, told reporters in a recent interview that the company expects sales to hit P4 billion this year from P2 billion in 2010.

Real estate division accounts for half of the revenues of the Ortigas group while the retail side contributes the remaining 50 percent.

Ortigas & Co. is in the process of completing residential towers Majorca and Ibiza within the 12-hectare Circulo Verde located in Quezon City. Launched in early 2009, the two buildings are set for turnover by the end of the year.

By next month, the company will also launch the P2-billion Royalton, a 65-story residential tower that will be the first of the five premier towers set to rise in the 25-hectare Capitol Commons in Pasig City. It will put up a sales center by June at the former site of the provincial capitol of Antipolo that will also feature small retail outlets.

The 19-hectare Tiendesitas in Pasig City will undergo major redevelopment this year that will double its gross leasable area to 20,000 square meters and turning into an upscale shopping destination. The property developer will also beef up its office portfolio within the commercial complex with the construction of two office buildings on top of the existing two.

The 80-year-old developer is engaged in property development and shopping center management. It is the company behind the Greenhills Shopping Center as well as vertical developments like Greenhills Subdivisions, Greenmeadows and Valle Verde.
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