Premier property developer Ortigas & Company recently signed an agreement with real estate services firm CB Richard Ellis Philippines to build a P25-billion mixed-use project in Pasig City for its new business process outsourcing (BPO) offices.
The project, set to rise at its Capitol Commons development, will change the landscape of the city with significant additions in the residential, commercial, and office market segments, the company said.
“Ortigas is not just bent on strengthening our residential and retail portfolio. We recognize that the rise of the business and knowledge process outsourcing sectors presents great opportunities for us in the real estate arena,” Joey Santos, general manager of Ortigas, said in a statement.
“This is the reason why we partnered with CBRE Philippines, which to date has the best pool of captive and high-end BPO and traditional offices,” he said.
According to the Business Processing Association of the Philippines, the Information Technology-BPO industry is projected to create 1.3 million direct and 3.2 million indirect jobs by 2016. The industry is also expected to generate $25 billion in revenues by that time.
World-class mall and office spaces
Ortigas’ commercial portfolio continues to expand through its high-end mall project, Estancia at Capitol Commons, which will house world-class dining options and select retailers. Estancia will have 35,000 square meters of commercial space and is set for completion within the year.
Estancia’s BPO space, which is accredited by the Philippine Economic Zone Authority, will offer a total of 19,461 square meters of office space from eight levels–three levels at the Estancia South Wing and five levels at the North Wing.
“While we expand our business in the residential and commercial fronts, we are also ensuring advances in the office segment, for example, through 19,000 square meters of BPO space above Estancia,” Santos said.
“We have an office portfolio composed of 30,000 square meters, mostly located at the Frontera Verde complex,” he added.
Ortigas is the property developer behind residential spaces such as Valle Verde, Greenmeadows and Greenhills subdivisions. Its commercial spaces include Greenhills Shopping Center and Tiendesitas.