By Jenniffer
B. Austria | Posted on Jun. 05, 2013 at 12:01am |
[
manilastandardtoday.com ]
Property
developer Ortigas & Co. is spending P68 billion in capital expenditures
over the next 10 to 15 years as it aims to boost residential and retail
offerings.
Ortigas &
Co. general manager for real estate division Joselito Santos said in a press
briefing Tuesday the company would spend the amount for the redevelopment of
Greenhills Shopping Center and Tiendesitas in Pasig and the development of
mixed-use projects—Capital Commons in Pasig and Circulo Verde in Quezon City.
“We are
quietly becoming one of the leading property developers in the country as we
launch new projects and we are quietly building the brand,” Santos said.
The
P68-billion capital spending is lower than the P90 billion it announced
earlier.
Santos said
the company decided to defer the launching of residential projects within the
18.5-hectare Frontera Verde along C-5 in Pasig to focus on renovating the
Tiendesitas and constructing office buildings for business process outsourcing,
also within the Tiendesitas property.
Ortigas &
Co. earlier earmarked P15 billion in capital spending for the Frontera Verde
project.
It said
funding for the P68-billion investment would come from internal cash flow and
proceeds from the pre-selling of condo units.
At least 70
percent of the company’s income comes from commercial projects and 30 percent
from residential units.
The company
hopes to achieve a 50:50 ratio over the next 10 years as it starts recognizing
sales from residential projects.
Ortigas &
Co. is offering over 2,500 residential units with prices ranging from P2
million to P42 million.
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