July 6, 2018 | 12:05 am bworldonline.com
ORTIGAS & CO. will be spending
P26 billion for the development of its Capitol Commons estate in Pasig City, as
it adds more retail, leasing, and residential projects in the area.
“Capitol Commons is one of our key
fully integrated developments in the Ortigas central business district. It is
an enclave positioned as truly modern and global, and we are fully committed to
unlocking its value,” Ortigas & Co. President and Chief Executive Officer
Jaime E. Ysmael was quoted as saying in a statement.
Capitol Commons is one of the
mixed-use estates under Ortigas & Co.’s portfolio, which also includes
Greenhills Center, Ortigas East, and Circulo Verde. The estate spans 10
hectares and is located along Meralco Ave. Corner Shaw Boulevard in Ortigas
Center, Pasig City.
At Capitol Commons, Ortigas &
Co. is currently constructing three residential towers in the estate, namely
Royalton, Imperium, and Maven. The Royalton and Imperium towers are scheduled
to be turned over in 2019 and 2020, respectively.
For the retail component, the
company will be expanding its Estancia shopping mall with the addition of
76,000 square meters (sq.m.) in gross floor area. The Estancia expansion will
add state-of-the-art cinemas, new restaurants, global lifestyle brands, and a
department store operated by the SM Group.
A total of 11,000 sq.m. from the
mall expansion will be for office spaces. Capitol Commons’ current office
spaces are being used as the headquarters for different multinational
companies.
Capitol Commons also has a
stand-alone food strip called Gastro and supermarket Unimart.
“Our masterplan for Capitol Commons
takes into account not only today’s lifestyle, design, and construction trends,
but also upcoming developments that involve the wider community. This
investment will prepare us to become a truly integrated hub for live-work-play
on this side of Metro Manila,” Mr. Ysmael said.
Ortigas & Co. is also banking on
the development of some infrastructure projects by the government. This
includes the P1.6-billion Bonifacio Global City (BGC)-Ortigas Center Link Road
Project that will connect Ortigas Center with the BGC central business
district. The estate will also house the Ortigas South Station of the
P227-billion Mega Manila Subway Project.
“Capitol Commons will become an
increasingly valuable investment as it gains more accessibility through the
government’s infrastructure projects,” the company said.
Aside from Capitol Commons, Ortigas
& Co. is also undertaking the P50-billion redevelopment of Ortigas East,
and the P60-billion redevelopment of Greenhills Commercial Center. — Arra B.
Francia
__________________________________________________________
