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Ortigas eyes P6B from luxury condo

Posted on February 26, 2014 10:52:52 PM [ BusinessWorld Online ]
 
ORTIGAS & Company Limited Partnership (OCLP) yesterday launched its second high-end condominium, expecting to generate P6 billion in sales.

The P4-billion, 62-storey Imperium is the second of five towers planned for Capitol Commons, a 10-hectare, mixed-use complex in Pasig City.

“Today, less than 1% of residential condominium supply is luxury condos.

A lot of supply today is upper-mid or lower-high condos, or middle-income,” Joselito F. Santos, senior vice-president of OCLP Holdings, Inc., said in a briefing yesterday at the project site.

Imperium, whose 226 units are priced P16-37 million each, is expected to be completed in 2019.

In June 2013, the company launched the first tower, the 64-storey Royalton which will open 2017.

Mr. Santos said capital expenditure has been set at P1.5 billion this year, half of 2013’s P3 billion. Total spending is expected to reach P15 billion over the next seven years. 
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