PROPERTY developer Ortigas & Co. is forking out a total of P6.3 billion for the construction of a regional mall within its soon-to-be redeveloped Greenhills estate in San Juan.
In a news conference on Wednesday, Ortigas & Co. President Jaime Ysmael said the regional mall forms part of the phase 1 redevelopment, along with the introduction of two residential towers–called Connor and Viridian–and an office building that will cater to business process outsourcing firms.
The mall will occupy a seven-story building with a gross floor area of 281,000 square meters (sqm). Once developed, it will house 2,000 tiangge (flea market) stalls, 150 retail outlets, 140 food and beverage outlets, and three basement levels for parking providing 1,300 slots.
Ortigas & Co. broke ground on the commercial project on Wednesday. It is targeted to open in 2021.
“What we intend to do or create is a pedestrian-friendly, walkable estate that’s why … we will have a lot of open areas to the public to actually to hold events, which will eventually connect to a park,” Ysmael said, adding that foot traffic is expected to surge upon the estate’s completion.
“We intend to achieve a [ratio of]35 percent open space to developed areas, similar to Ortigas East, which is about 40 percent. That’s the intent, to make it really livable, sustainable, and green,” he added.
Apart from offering spaces to new and existing tiangge owners, Ortigas & Co. will also partner with entrepreneurs including students and universities to set up their physical stores within the retail area.
“The new Greenhills will be positioned as the new ultimate shopping district of Metro Manila,” Architect Renee Balicani said at the same briefing.
Ortigas & Co. has programmed P60 billion for the entire transformation of the Greenhills estate into an upscale area. Of the total capital expenditure, P19.1 billion will be spent over the next five years.
Completion of the project is also seen to double the existing Greenhills’ total GFA to half a million square meters, the company said.
It said leasing rates over the next three years may also be adjusted based on economic conditions.
For the residential segment, the 52-story Viridian tower is now 91 percent sold while the 55-level Connor is already 89 percent taken up.
Selling prices per unit for Viridian range from P7.9 million to P127 million while Connor units go for P4.2 million to P25.6 million each.
“Units have started to move faster now that they (buyers) have seen the whole building as well as the amenities … we are readying the next tower. We’re working hard on finishing the plans for the sequel residential tower, which is part of the first phase,” Ysmael said.
The company said that apart from Greenhills, construction of Circulo Verde and Ortigas East, formerly Frontera Verde, is also underway. ANGELICA BALLESTEROS / BY THE MANILA TIMES ON BUSINESS, COMPANIES / All photographs, news, editorials, opinions, information, data, others have been taken from the Internet ..aseanews.net | email@example.com | For comments, Email to : Pahulu Gan – Contributor | firstname.lastname@example.org