Posted on
February 19, 2013 10:11:47 PM [ BusinessWorld Online ]
ORTIGAS &
Co. has allotted P400 million for the construction of Industria, a
14,000-square-meter commercial complex in the property company’s Circulo Verde
residential development Quezon City as part of an overall plan to expand its
retail offerings, the company said in a statement yesterday.
Ortigas plans
to expand its retail portfolio “with the rise of Industria -- a new
P400-million indoor-outdoor retail concept that will be added to the portfolio
of the company’s well-loved shopping destinations that includes Tiendesitas,
Greenhills Shopping Center, and Estancia at Capitol Commons,” the statement
read.
Industria,
set to be completed in the first quarter of next year, will have a total
leasable area of 13,783 square meters on a 7,000-square-meter site.
It will have
a supermarket, food outlets, a fitness center, weekend markets, as well as The
Lab, the so-called artistic section of Industria, said Cathy Casares-Kho,
Ortigas Shopping Center division general manager, said in a presentation
yesterday.
The complex
will feature industrial designs, alluding to Circulo Verde’s address, Calle
Industria, Ms. Casares-Kho said.
Circulo Verde
is Ortigas’ 12-hectare residential community in Bagumbayan, Quezon City. In
April last year, the master development plan for Circulo Verde was enhanced to
make the its 15 towers more prominent. The plan calls for a 1.4-hectare central
park, the 10,000-plus-square-meter retail center that will be Industria, and a
“smart” drainage system that will collect recycled water from residents.
In addition
to its latest retail project at Circulo Verde, the company is expanding its
retail developments in other parts of Metro Manila through renovations of
existing developments or the construction of new ones,.
Ms.
Casares-Kho said Ortigas has allotted P1.4 billion to build a new six-storey,
75,000-square-meter Unimart supermarket at Greenhills Shopping Center in San
Juan, which will be completed in the first quarter of 2015.
In Pasig
City, Ortigas is spending P740 million to renovate the three-building
Tiendesitas at Frontera Verde over a span of two years, adding a second floor
to the development as well as air-conditioning. It will also add 20,000 square
meters to Tiendesitas’ current 10,000-square-meter area.
The firm will
spend P2.7 billion on Estancia, the planned upscale mall on a 1.6-hectare lot
on at the Capitol Commons mixed-use center in Pasig that is set to open in the
third quarter next year, Ms. Casares-Kho said.
Ortigas, the
firm behind the Greenhills, Valle Verde and Greenmeadows subdivisions, the
Ortigas Center business district, and Greenhills Shopping Center, traces its
roots to the 1920s when the Augustinian friars sold 4,033 hectares in what is
mostly present-day Mandaluyong City to Frank W. Dudley and Francisco Ortigas.
The company
holds a 50-hectare landbank in the cities of Quezon, San Juan, and Pasig. --
Franz Jonathan G. de la Fuente
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