Ortigas & Co. is spending up to P75 billion over the next five years to further develop four estate developments in Metro Manila.
Ortigas & Co president Jaime Ysmael during a recent interview the company had programmed to spend between P12 billion and P15 billion annually based on a five-year plan for Greenhills Center, Capital Commons, Ortigas East and Circulo Verde.
Ysmael said the P75-billion capital spending plan would be funded mostly through internally generated funds and pre-selling. It added it had no current plans to conduct any fund-raising activities through an initial public offering or the real estate investment trust option.
“Right now the base plan for our five-year investment program does not require any IPO nor REIT,” Ysmael said.
“But just like any other property developers, we will continue to monitor developments in the capital markets. Then we will see,” he said.
The group has earmarked P12 billion in capital expenditures for the current year.
Meanwhile, Ysmael disclosed the company’s plan to start redeveloping a one-hectare property under company’s headquarters at the corner of Meralco Avenue and Ortigas Avenue.
Ysmael said the company would develop the property, one the prime lots in the Ortigas Central Business District, into a mixed-use project with office, serviced apartments, hotel and retail components.
Ysmael said the company would come up with the master plan for the property over the next two years.
“The office space right now is a low building in Ortigas Central Business District and it is nearly 50 years. We will redevelop the entire parcel of land together with the interim parking structure and space currently being leased by a gasoline station,” he said.
The property is near the proposed Ortigas East Subway station of the Metro Manila Subway project, a 36-kilometer line from Mindanao Avenue in Quezon City to the Ninoy Aquino International Airport in Pasay City.
Ortigas & Co. last week unveiled an P11-billion twin-tower development project called The Galleon, also in Ortigas Center.
The project will have office for sale and residential components, as well as retail developments.
Ortigas & Co., under a partnership with Ayala Land Inc. and SM Prime Holdings, is one the leading private real estate developers in the Oritgas CBD. To date, Ortigas & Co will has about 40 hectares of undeveloped land within four estate developments.
