Ortigas embarks on ambitious 'Ayala of the North' project

Image via Wikipedia

News circulated in real estate circles that property developer Ortigas & Co. has embarked on an aggressive P100-billion redevelopment program for its four flagship projects.

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 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.

It is reported that 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.

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, where the company hopes to construct 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.