By Richmond S. Mercurio (The Philippine Star) | Updated June 30, 2015 - 12:00am
MANILA, Philippines - OCLP Holdings Inc., the investment holding firm of the Ortigas family, is mapping out a five-year expansion program with the SM and Ayala groups now onboard.
OCLP is looking to bolster its operations and portfolio over the medium term with the infusion of both SM Prime Holdings and Ayala Land Inc.’s expertise in mall and mixed-used developments.
“We are developing our plans for the next five years,” said ALI chief finance officer Jimmy Ysmael, holder of one of the two ALI seats in the OCLP board.
The five-year program is expected to bring to new heights the Ortigas family’s property company, owner of strategic land areas in the Ortigas business district.
Ysmael in an earlier interview said both ALI and the SM Group are revisiting master plans of ongoing OCLP developments to identify areas where the two property giants can contribute.
He said both are also helping OCLP restructure its loans as well as fix the company’s balance sheet.
Both ALI and SM Prime have earlier unveiled their respective 2020 expansion plans.
With their respective five-year expansion program, ALI eyes its net income to hit P40 billion while SM Prime expects theirs to double from the present level.
The Ortigas family is behind shopping centers such as the Greenhills Shopping Center and Tiendesitas as well as residential enclaves and mixed-use projects such as Frontera Verde, Circulo Verde, Capitol Commons, Greenmeadows and the Greenhills Subdivisions.
SM and ALI in November last year made its entry to the group by partnering with the two factions in the Ortigas family.
OCLP has recently unveiled its latest 62-story residential tower development called Maven, the third residential tower to rise at Capitol Commons in Ortigas Center, Pasig City.