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Ortigas & Co. sets revenue target at P2.5B

04/12/2012 [ ]

Premiere property developer Ortigas & Co. targets to grow its bottom line and top line figures with a double digit increases this year.

Joey Santos, Ortigas & Co. general manager for real estate division, said the revenue target for this year is P2.5 billion while the net income target is close to P1 billion.

Last year, the company registered revenues of about P1 billion from real estate plus shopping center which is about P1.5 billion in 2011, while net income was about P800 million.

Business mix is 50 percent residential and 50 percent retail, of which 90 percent comes from Greenhills and the balance is Tiendesitas.

Santos noted that their land bank is over 50 hectares in three cities, Quezon City, Pasig and Ortigas and about 40 hectares may be added from Camp Aguinaldo and Camp Crame.

For its 12-hectare residential project located in Bagumbayan, Quezon City called Circulo Verde, Ortigas & Co. is set to develop 137-meter link called Circulo Verde Bridge connecting Quezon City to Pasig.

The objective in constructing the bridge is to mitigate traffic in nearby barangays and provide alternative routes to private vehicles going to Amang Rodriguez and parts of Ortigas Ave. Extension.

Santos said the development cost for the bridge is P200 million, which is still part of the development cost of Circulo Verde.

The construction of bridge will start by June 2012 (second quarter of 2012) and will be finished by second quarter of 2013.

The bridge will be open for public use but will be limited to private vehicles.

Santos added that the Circulo Verde development will now have 10,000-sqm village retail for residents, 70 percent open spaces which will be for the 1.4 hectare central park, gardens and paths.

The Central Park is exclusive to residents while the village retail will be open to the public.

Capital expenditure for Circulo Verde is P500 million to be spent this year, P200 million for the development of Ibiza and Majorca, and P200 million to P300 million for the retail component of which half of that will be spent this year.

For its initial public offering (IPO) plans, Santos said it is likely to happen this year. They already have an adviser which is CLSA. “All indicators for this year and next year are seen to be good. If we go public, we will meet the minimum,” the company official said.

“The partnership still exists, assets are still under partnership, when we go public, we will transfer all assets to the holding company, which is Ortigas Holdings Inc.,” he added. Danessa O. Rivera

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