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Ortigas sees P5B from condo project

Posted on December 19, 2012 08:44:32 PM [ BusinessWorld Online ]
DEVELOPER Ortigas & Co. expects to earn over P5 billion from sales of The Royalton, its first condominium in Capitol Commons, a mixed-use complex at the corner of Shaw Boulevard and Meralco Avenue in Pasig City that is also seen to include a luxury mall opening in two years, a company official of the company said last week.
“We hope to make about P5 billion-plus in total sales for The Royalton alone. In our Capitol Commons master plan, we have five towers in one block, and The Royalton’s the first. We expect roughly P25-30 billion in sales for the entire block over a span of 10 years of selling and development,” Joselito F. Santos, Ortigas real estate division general manager, said on the sidelines of the The Royalton Private Investors’ Night in Capitol Commons, Pasig City on Thursday last week.
The Royalton, a 61-floor upscale condominium tower, will have 422 units in 33.4-square-meter (sq.-m.) to 46.6-sq.-m. studio, 59.7-sq.-m. to 99.4-sq.-m. one-bedroom, 86.9-sq.-m. to 133-sq.-m. two-bedroom configurations, as well as penthouse units measuring as big as 190.5 sq. m., an Ortigas statement on Thursday last week read.
The Royalton will also feature a retail level as well as basement and podium parking for 446 vehicles. Amenities will include a fitness center, swimming pool, conference room, and lounge.
“We hope to be able to fully sell the condominium in a year, by end-2013. Our buyers will be young people who want to enjoy the lifestyle of condominium living -- some will even be financed by their parents -- but a lot will also be investors,” Mr. Santos said.
Asked for The Royalton units’ price range, Mr. Santos said: “Our selling pries are very competitive, they are below the selling prices of our competition in the area.”
In December last year, Ortigas unveiled Capitol Commons, a 10-hectare mixed-use development that the company is currently building on the site of the former Rizal Provincial Capitol for an estimated cost of P25 billion.
Aside from The Royalton, structures at Capitol Commons will include Estancia, a luxury shopping mall, and a new Unimart supermarket that will have 12,000 sq. m. of leasable space.
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