IT has been a long transformation for the Agustinian Friars’ property originally called "Hacienda de Mandaloyon" whose development was started by developer Ortigas & Co.
The once vast grasslands where Mandaluyong City, San Juan City, Pasig City, and Quezon City now sit have been replaced by a thriving community, commercial and residential, and high-rising structures.
Thanks to Ortigas & Company, which continues to introduce improvements in the property since acquiring it in 1920.
With various development projects on the table, the company hopes this will further drive the growth of the Ortigas area in the years to come.
The company is the developer of the famous San Juan commercial landmark Greenhills Shopping Center, the various upscale communities like Frontera Verde, Luntala Valle Verde, and the well-known shopping complex Tiendesitas.
"In 10 years, the company expects revenues to grow five-fold as it plans to significantly expand its presence in urban mixed-use development projects," said Joey Santos, Ortigas general manger for real estate division.
The company reported that it booked revenues of P1.89 billion last year, up 13 percent from P1.67 billion in the previous year. About 80 percent of the company’s business comes from real estate.
Santos said the growth in last year’s revenue came from a "good mix of recurring and non-recurring income sources."
The reported revenues do not include sales from its projects in the master-planned community Circulo Verde in Bagumbayan, Quezon City, which the company is busy building up.
Late last month, the company unveiled its latest addition to the 12-hectare mixed-use and master-planned development which is eyed to have 15 residential buildings, and townhouse neighborhoods, upon its completion, offering "unparalleled and unobstructed sightlines of the Sierra Madre mountains and the Metro Manila skyline."
Ortigas has already completed its first phase of development which is comprised of Majorca, Ibiza, Seville, and Lleida.
Construction of the first two towers, Majorca and Ibiza, started in 2010, while Seville’s showroom was opened in May last year.
"The three towers are enjoying good sales since they were made available to the buyers. We are targeting the lower A and upper B market, particularly junior and senior managers. This market appreciates the quality of our projects as well as the accessible location of Circulo Verde," Santos said.
Lleida, the fourth and last tower in the first phase, is offered at a price range of P1.8 million to P8.5 million, with sizes varying from 21 to 95 square meters per unit. Lleida features 195 units in 21 residential floors, plus two floors for retails.
In February, Ortigas also unveiled the 62-unit townhouse neighborhood Circulo Verde Garden Homes, priced between P9 million and P14 million per unit, with a typical unit having a floor area of 138 to 191 sq m.
In four years, the 2.7-hectare portion allocated for phase one would already have all five residential towers.
The company likewise is planning to put up two business process outsourcing (BPO) buildings in its 18.5-hectare Frontera Verde development at the corner of Ortigas and E. Rodriguez avenues in Barangay Ugong, Pasig City, which is also the location of Tiendesitas.
The company is also looking at developing into a mixed-use the 10-hectare property which formerly houses the Rizal province’s capitol in Pasig City, which will be called Capitol Commons.
At the same time, the company is engaged in the 20-year redevelopment of Greenhills Shopping Center, Ortigas’ main revenue driver in shopping centers, which started three years ago.
The P30- billion redevelopment plan began with the renovation of Shoppesville with the first phase involved adding parking in a new multi-level parking lot, the transfer of long standing restaurants like Gloria Maris and Sugi to new locations to make way for the redevelopment.
"As it faces competition from other popular bargain destinations and other malls, Greenhills strives to maintain its competitive position by staying true to its distinctive character which is really its charm," according to Santos.
"We strive to be updated and attuned to the current needs of customers so we always make sure that Greenhills has a unique tenant and merchandise mix. We are also committed to deliver a pleasant shopping experience by continually investing in facilities and amenities," he added.
In 2006, Ortigas complemented Greenhills with the opening of shopping complex Tiendesitas, housing 459 merchants from various part of the Philippines in five distinct "villages" instead of the typical department store format.
For more details on Ortigas projects, you may contact Reby Ramirez @ +63 919.699.3572 / +63 922.883.9308 / +63 916.4044.555 / +632 404-4534 or e-mail her @ reby_ramirez@yahoo.com.
Lastly, FYI for related information on the new real estate law, RA 9646, please proceed to www.RA9646.com, the online repository of updated information on Real Estate Service Act of 2009 (RESA).
source: Malaya, April 19 2011
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