Ortigas developer eyes refurbishment of Greenhills in 2010
11/18/2009 | 03:32 PM
Ortigas & Co., which developed Tiendesitas Complex and the Greenhills Shopping Center, is spending P2 billion for its capital outlay next year.
Bulk of the capex will go to Circulo Verde, a master-planned 12-hectare residential community along Calle Industria in Bagumbayan, Quezon City.
Rex Drilon, Ortigas chief operating officer, told reporters that the company’s capex will be sourced through a combination of internally-generated funds and bank borrowings.
More than 25 percent or P600 million will be used for the development of five residential buildings, which make up the first phase of Circulo Verde, and the rest for the refurbishing of the Greenhills Shopping Center and One Galleon in Ortigas.
Circulo Verde is located near the Manggahan Floodway by the Marikina River, but Drilon said the company remains optimistic that sales will be steady for the project.
“Circulo Verde stayed dry because of the floodway. Despite the slight depressed demand during the week of Ondoy, a few weeks after, demand started to go up again," he added.
This year, the company has launched the Majorca, an 11-storey building, and the 23-storey Ibiza Tower.
Majorca, which “is fully taken up already", will include two levels of retail space.
Meanwhile, One Galleon will feature the country’s tallest building, which will have 75 floors, and will also have two other towers.
“It will have a five-star hotel and we are currently looking for the locator. Once we pin that down, the rest is easy," Drilon said. The company is presently talking for an Asian brand, “which is close to Filipinos" to operate and manage the hotel. -GMANews.TV
Bulk of the capex will go to Circulo Verde, a master-planned 12-hectare residential community along Calle Industria in Bagumbayan, Quezon City.
Rex Drilon, Ortigas chief operating officer, told reporters that the company’s capex will be sourced through a combination of internally-generated funds and bank borrowings.
More than 25 percent or P600 million will be used for the development of five residential buildings, which make up the first phase of Circulo Verde, and the rest for the refurbishing of the Greenhills Shopping Center and One Galleon in Ortigas.
Circulo Verde is located near the Manggahan Floodway by the Marikina River, but Drilon said the company remains optimistic that sales will be steady for the project.
“Circulo Verde stayed dry because of the floodway. Despite the slight depressed demand during the week of Ondoy, a few weeks after, demand started to go up again," he added.
This year, the company has launched the Majorca, an 11-storey building, and the 23-storey Ibiza Tower.
Majorca, which “is fully taken up already", will include two levels of retail space.
Meanwhile, One Galleon will feature the country’s tallest building, which will have 75 floors, and will also have two other towers.
“It will have a five-star hotel and we are currently looking for the locator. Once we pin that down, the rest is easy," Drilon said. The company is presently talking for an Asian brand, “which is close to Filipinos" to operate and manage the hotel. -GMANews.TV
