(Source: Manila Standard | July 21, 2017)
Upscale property developer Ortigas & Co., is now deep into the redevelopment of existing and new mixed-use projects, further pushing the envelope to creatively use its 52-hectare land bank.
Its president and chief executive officer (CEO) Jaime E. Ysmael said township communities offer a better value proposition for developers like Ortigas.
“Gone are the days when the Filipino dream was to own a house in the suburbs and commute to work in the city,” he said. “Condominium-living is becoming more acceptable, and this is fueling a housing boom, as well as a change in lifestyle where people want to live, work and play in the same mixed-use township. We want to take advantage of this trend: this drives our growing portfolio.”
Ysmael did acknowledge that competition among local developers to build such townships is keen. But he expressed confidence that Ortigas’ deliberate masterplan to distinguish their projects from others by creatively allocating land for education, healthcare, entertainment, and recreational uses; intensify efforts in terms of strategic land banking; redevelop properties, and build flexible office spaces to accommodate BPO occupants, “would see them through.”
Ysmael said that Greenhills Shopping Center is currently undergoing a multi-phase redevelopment.
“The redevelopment, costing some P60 billion, will see the largely retail-based center mixed with residential, office, and hotel spaces,” he said.
On the retail front, “a bigger, refurbished Unimart will open to shoppers soon, and a two-level interconnected basement parking will link the whole development, providing even more parking options to shoppers.”
He revealed that on the heels of this redevelopment plan will be the launching of a new residential tower, the Connor.
The 55-storey tower to rise on the intersection of Club Filipino Avenue and Eisenhower Street is envisioned to inject a fresh take on the iconic estate, which is now being transformed into a complete shop-work-play-live destination.
Thomas Mirasol, senior vice president and chief operating officer of Ortigas & Co., said Connor is targeted to break ground in the last quarter of 2017.
The captain of the company’s residential and mixed-use developments, namely Circulo Verde, Frontera Verde, Capitol Commons, Greenhills Shopping Centre and select projects within the Ortigas Central Business District, told reporters that Connor is their second foray in the vertical residential development in Greenhills. The first was the the Viridian, the 53-storey residential condominium at the heart of Greenhills, which opened late last year
“We are tapping into the market of second generation Greenhills residents and other Metro Manila residents who are looking for an investment or a home that is centrally located within the city as well as situated in a mixed-use setting,” Mirasol said.
He added Ortigas & Company will beef up the Greenhills redevelopment with the construction of a new mall.
The project will have another ‘tiangge’, or bazaar, to add to the existing one. A department store will also be put up to augment Greenhills’ retail strengths, along with a new boulevard and cinemas.
The Ortigas chief cautioned, however, that all these developments and re-developments will take a while as new projects need to be in synergy with existing ones. “We want to cause as minimal disruption as possible. But in the end, it will all be worth it,” he promised.