By Richmond
S. Mercurio (The Philippine Star) | Updated June 30, 2015 - 12:00am
Ysmael
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.
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