Philippine Condominium Trends - Ortigas Metro Manila
It is good news for the Ortigas area investors as the real estate developer Ortigas and Company allotted Php 100 billion for a 10 year development plan tagged as the 'Ayala of the North'. It is aimed for its biggest properties to maximize the values of its central business district. The project is broken down to four phases.
The first project, which recently broke ground, is the Circulo Verde master-planned residential community along Calle Industria in Bagumbayan, Quezon City.
The first phase of construction for the project, which has been allotted P3 billion, includes the construction of five residential towers on 2.7 hectares of the 12-hectare property. The project was reported to house up to 5,000 residents as well as some retail outlets.
The privately held property firm also recently completed a deal with the Rizal provincial government that saw a new provincial capitol built—at the company’s expense—in Antipolo City.
The transfer freed up the 10-hectare site of the former provincial capitol along Shaw Boulevard in Pasig City, which had originally belonged to Ortigas & Co. Under the original deal between the government and the firm, the property would be returned to the Ortigas family once it is vacated by the provincial government.
The project Capitol Commons will start development of the property by next year. It would be a mixed-use project with high-rise buildings and 67 percent of the property devoted to open spaces. The project is estimated to be worth around P25 billion over a 10-year period.
The Ortigas & Co. would also start next year the redevelopment of the 16-hectare Greenhills Commercial Center to transform it into a modern shopping complex.
Once completed, the P25-billion shopping complex will hold several mid- and high-rise structures, a larger “tiangge” area as well as three levels of underground parking facilities that can accommodate up to 10,000 vehicles.
And finally, the company would also develop a 1.6-hectare property in front of the Asian Development Bank compound in Ortigas Center, which is currently a vacant lot. On the property will rise one of the tallest buildings in the country.
For this year, the company will start construction of the 23-story Ibiza Tower in Circulo Verde, which will offer one- to two-bedroom units, sized from 44 to 80 square meters per unit.
Also underway is the construction of the 11-story Majorca Residences with one-, two-, and three-bedroom units, sized from 42 to 107 square meters.
Both projects will be completed by the third quarter of 2012.