Ortigas allots P2 billion for projects next year

MANILA, Philippines - Ortigas & Co., developer of the Greenhills Shopping Center and Tiendesitas Complex, has set a P2- billion capital expenditure program next year, mostly to go to Circulo Verde – its biggest residential development project to date.

Ortigas & Co. chief operating officer Rex Drilon said P600 million out of the total capex will go to the construction of five residential buildings which form part of the first phase development of Circulo Verde, a self-contained community in a company-owned 12-hectare property along Calle Industria in Bagumbayan, Quezon City. Development cost of the first phase has been set at P3 billion.

Slated for completion this year is the 23-story Ibiza Tower, which is due for delivery to unit buyers in the third quarter of 2012. The building is already 60 percent sold. 

Also underway is the 11-story Majorca Residences, which is expected to be turned over by 2012.

When completed, Circulo Verde will have a total of 15 residential buildings.

Ortigas & Co. is also spending a-round P20 billion for the redevelopment of the 16.6-hectare Greenhills Commercial Complex. Plans involve the construction of an additional parking facility, a new building at the site of the existing two-storey Gloria Maris building and a larger Music Museum beside the Promenade and facelift of Unimart, the oldest building in the complex.