Ortigas & Co to complete mixed-use project by 2018
MANILA, Philippines – Capitol Commons, the flagship mixed-used development by developer Ortigas & Co., will be finished in phases until 2018.
The 10-hectare project is located at the former site of the Rizal Provincial Capitol in Pasig City.
It will feature a shopping mall, cinema, supermarket and residential condominiums. Over 50% of the development’s total land area will be allocated for open spaces, including an urban park.
“We are marketing Capitol Commons as a new standard for developments in this part of town. We would like to think of Capitol Commons as the high-end part of Ortigas Center,” said Joey Santos, general manager of the Real Estate Division at Ortigas & Co. at a press briefing on Tuesday, June 4.
The flagship residential tower of Capitol Commons will be Royalton, a 64-storey condominium where units range from 34 square meters to 118 square meters with prices ranging from P5 million to P16 million. The expected completion date will be 2018. So far, 25% of units have been sold. Santos said they are expecting to sell the rest of the units by the end of the year.
This P25-billion development is part of the P68 billion that Ortigas & Co. will spend over the next 15 years in real estate developments and various projects. The amount will be funded by a mixture of debt and equity.
Ortigas’ other well-known projects include Valle Verde, Greenmeadows and the Greenhills subdivisions. Its retail developments include Greenhills Shopping Center and Tiendesitas.
Other upcoming projects include:
- Viridian in Greenhills – a 53-storey luxury residential condominium building situated at the northeast sector of Greenhills Shopping Center complex. Part of phase one of the Greenhills Shopping Center Redevelopment Plan and is expected to be completed by 2nd quarter 2016.
- Silver City at Frontera Verde, a 3-hectare property, which will soon include additional office spaces for KPO companies. It will comprise two additional buildings: Silver City 2 and 3, will cost P1 billion and will be complete in third quarter 2014.
- Upgrade of Tiendesitas at Frontera Verde. Building A is scheduled to open by end of 2013 while building B&C will be completed by 2015.
- Circulo Verde, Quezon City a 10 hectare development with 15 residential towers, townhouse, retail center, 1.4 hectare community park. The total cost will be P15 billion.
- Circulo Verde Bridge. The start of construction will be June 2013 and expected date of completion will be by the second quarter of 2014. The total project cost will be P30 million.