By Richmond S. Mercurio (The
Philippine Star) | Updated October 14, 2015 - 12:00am
MANILA, Philippines - Property
developer Ortigas & Co. is pouring in an additional P3 billion for the
third phase of the Greenhills Shopping Center redevelopment, a ranking company
official said.
In an interview on the sidelines of a
Philippine Retailers Association event, Ortigas & Co. general manager for
shopping centers division Cathy Casares-Ko said they would commence next year
with Phase 3 of their crown jewel’s expansion.
“We are nearing completion of the
second phase and we will be starting soon with the third. It’s quite hard to do
work if the shopping center is live as opposed if you’re working on a blank
piece of property. This one you have to consider traffic,” she said.
Ko said the redevelopment of the
Greenhills Shopping Center would be conducted in eight phases over a period of
20 years.
For the third phase, works would
include construction of more retail space as well as a new residential tower,
Ko said.
The Greenhills Shopping Center was
first developed in the 1970s and became a shopping and leisure destination in
San Juan City.
In 2010, Ortigas & Co. decided to
embark on a redevelopment plan that aims to bring the shopping center up to par
with modern international shopping centers while retaining the old charm of the
iconic shopping and entertainment center.
Ko said the entry of real estate
giants Ayala Land Inc. and SM Prime Holdings,Inc. in the investment holding
firm of the Ortigas family last year did not affect the plans earlier mapped
out for the Greenhills Shopping Center.
The two property powerhouses, however,
are expected to infuse their expertise in mall and mixed-use developments to
the owners of strategic land bank areas in the Ortigas central business
district.
“So far, what we have been
implementing are the plans we have put in place before they came in,” Ko said.
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