Fight for control of Ortigas holding firm far from over
MANILA, Philippines - The fight for control of the property holding firm of the land-rich Ortigas clan that has pitted the Ayala and the Sy families appears far from over.
While some reports said the Ayalas have gained the upperhand in the long-running tug-of-war over who should control the Ortigases’ OCLP Holdings, the Sy camp is not ready to let go of the rope.
“We believe that something good will still come out of this,†Hans Sy, son of retail tycoon Henry Sy, said without giving more details.
Ayala Land president Antonino T. Aquino, declined to say whether they have clinched a majority with the Roman Catholic Church reportedly giving its blessings to the Ayala-backed group.
“We understand the stockholders voted directors proportionate to the shareholdings of all sides of the Ortigas family,†Aquino merely said.
Aquino said only the board will have control over the Ortigas clan’s flagship property firm which owns a vast landbank spanning Mandaluyong, San Juan, Quezon City. This includes the 16-hectare Greenhills shopping complex.
Both the Sy and Ayala families are racing to expand their landholdings in a bid to strengthen their position as a leading property developer.
The acquisition of a controlling stake in OCLP will allow the SM Group to corner the lion’s share of the retail market in the bustling Ortigas-Pasig-Mandaluyong area.
The Sy Group is in the process of consolidating some real estate units and assets under SM Prime Holdings Inc. to create the country’s biggest developer with at least $14 billion in market capitalization.
The move is expected to allow SM Prime to pursue larger scale projects, aided by the group’s experience in developing malls, homes, hotels, and offices.
Ayala Land, meanwhile, has been aggressively expanding its presence in the real estate sector with the continued acquisition of prime properties to further fortify its title as the country’s CBD (central business district) king.
The Ayalas have the backing of the group led by businessman Ignacio Ortigas while the Sys have found an ally in the other faction led by Fernando Ortigas,
The Ortigas family whose historic roots date back to the 300-year Spanish colonial rule, is among the largest landowners in the country. They developed upscale residential subdivisions Valle Verde and Wack-Wack as well as the 77-unit Luntala townhouse project within Valle Verde 6.
Aside from the Greenhills Shopping Center, the group’s retail portfolio also includes the 18-hectare Tiendesitas in Pasig.
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