Ortigas & Co., a property developer now jointly owned by the Zobel, Sy and Ortigas groups, is spending P50 billion to redevelop its crown jewel Greenhills Shopping Center, a top executive said over the weekend.
Ortigas & Co. president Jaime Ysmael said in a recent interview the first two phases of the Greenhills redevelopment project would involve P10 billion in capital expenditures, primarily to build a residential tower, a shopping center and office component.
Ysmael said the redevelopment would be implemented in several stages, so as not to disrupt the revenue stream and operations of its tenants.
He said the company would also have to wait for the leases of their tenants to expire.
“The Greenhills redevelopment master plan has been completed. We will start development of phase 0 and 1 next year which will entail the redevelopment of a portion of Greenhills Shopping Center into a mixed-use play,” Ysmael said.
Ysmael said while the“tiangge” portion of the shopping center would be relocated, Ortigas & Co. would the keep the concept of Greenhills Shopping Center.
“We will still keep the tiangge concept because it what made Greenhills famous and it is a good business. So we will keep that concept which will make the development quite unique,” Ysmael said.
Aside from Greenhills Shopping Center, Ortigas & Co is also completing the master plan for other prime properties, including Capital Commons, a 10-hectare mixed-use development located along Meralco Ave.; Circulo Verde, a 12 hectare master-planned development along Calle Industrial in Quezon City; Fonterra Verde, an 18.5-hectare development project at the corner of Ortigas Ave. and C-5; and Tiendesitas which is also situated along C-5 in Pasig.
“This year will be the year of master planning and next year we will start launching the projects,” Ysmael said.
The company said it was looking to add commercial spaces at Capitol Commons by expanding existing the Estancia Mall and developing cinemas.
A new Unimart Supermarket is also slated to open in Capitol Commons early next year.
Capitol Commons currently has three residential towers and three more will be added over the next five of years, depending on the demand.
The third landbank is Fonterra Verde located along C-5. Ysmael said the project was being positioned as a BPO campus, although the whole property would be redeveloped to accommodate residential buildings and a shopping mall to complement the existing retail development under Tiendesitas.
Meanwhile Circulo Verde will soon have office component.
The group also plans to develop other prime properties including the 6,000-square-meter lot in front of Asian Development Bank and a one-hectare property, which currently houses the company’s office. Both lots are located in the Ortigas central business district.