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.