July 21, 2014 9:05 pm [
manilatimes.net ]
by Madelaine B. Miraflor
Property developer Ortigas &
Company is set to launch next quarter a mall development in its 10-hec–tare
mixed use complex Capital Commons in Pasig City.
In a statement, the company said the
retail mall will be named Estancia, a project that is expected to further boost
the company’s recurring revenues.
The new mall is planned to have 18,000
square meters of space dedicated to retailers, fashion stores, restaurants, and
entertainment facilities.
Joey Santos, Ortigas & Co. deputy
chief operating officer and general manager for the real estate division, said
in an earlier interview that the Capitol Commons mall will add as much as P300
million to the company’s overall recurring revenues.
In terms of earnings, he said the
group expects its profits from commercial space to grow by as much as P2
billion in 2015 because of this, together with its other ongoing retail
projects.
Ortigas & Co. recently broke
ground for its 64-storey residential tower called The Royalton, the first of
the five towers to rise at Capital Commons. It also formalized its entry into
the upscale real estate market with the launch of Imperium, the second tower to
be built at its master-planned community.
“The trend today is vertical, space
has become limited and there is greater emphasis on the need for great location
and convenience,” Santos said in a statement on Monday.
“Filipinos are entering a new age of
economic freedom, so more people are buying property. But along with that comes
tougher competition. That is the reason why we constantly need to reinvent
ourselves. We have to grow with the market and keep up with the trends,” he
added.
In a bid to participate in the growing
business process outsourcing (BPO) industry, the property developer also
recently signed an agreement with the Integrated Bar of the Philippines for the
lease of a 1,700-square meter property in Ortigas to build a 26-storey office
tower.
For this year alone, 65,000 square
meters of new leasable space are targeted to be added to the company’s
portfolio, while its total commercial space is expected to increase by 30
percent from 200,000 square meters.
Ortigas & Co. is allocating a
P4-billion capital expenditure for 2014. Breaking down the capex, Santos
earlier said P1.5 billion would be used for the expansion of the Greenhills
Shopping Center, while the remaining P2.5 billion would go into the development
of The Royalton and Imperium projects.
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