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Property firm allots P3B for upscale residential project

Published : Thursday, February 16, 2012 00:00 [ ]

PROPERTY developer Ortigas & Company on Wednesday said that it would spend P3 billion to finance the development of its upscale residential tower in San Juan.

Joselito Santos, general manager of Ortigas’ real estate division, told reporters that the company would construct a 53-storey upscale residential tower situated at the corner of Missouri and Connecticut Streets in San Juan.

The real estate firm has pre-sold 40 percent of the 533 units in Viridian, ranging from 50 square meter studio units to 200 square meter three-bedroom units with a price range of P6 million to P30 million.

Most of the buyers of the residential project were families within the Greenhills area who are looking to downsize, Santos said.

“The values now in Greenhills Subdivisions are very good. You need more than P100 million to buy a house and lot. For that same money you can buy four condos and that’s the kind of value we are proposing to our target market,” he said, after the ground breaking of its first luxury development within Greenhills Shopping
Complex in San Juan.

The construction of Virdian is part of Greenhills Shopping Center’s 20-year redevelopment plan that will double its shopping space to house a wider array of fashion and lifestyle brands.

Santos declined to comment on the company’s ongoing talks with the SM Group for the latter’s acquisition of a controlling stake in Ortigas Holdings Inc., the parent firm of the real estate firm.

Ortigas & Company is the company behind longstanding premier villages such as Valle Verde, Greenhills Subdivisions and Greenmeadows. It also has retail, office and residential developments such as the 19-hectare Frontera Verde and the 10-hectare Capitol Commons in Pasig City as well as the 12-hectare Circulo Verde in Quezon City.

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