PROPERTY developer Ortigas & Co. is looking to spend at least P50 billion for the redevelopment of the 16-hectare Greenhills Shopping Center in San Juan City in Metro Manila, a company official said.
On the sidelines of the National Conference of the Financial Executives Institute of the Philippines (Finex) on Friday, Ortigas & Co. president and chief executive officer Jaime Ysmael told reporters that the company has completed its master plan for Greenhills Shopping Center.
Ysmael said they are currently drawing up the actual budgets needed for the master plans of its other mixed-use developments such as Circulo Verde, Capital Commons and Frontera Verde.
“I don’t have the numbers yet, but easily yung [the]Greenhills redevelopment at least P50 billion yun,” Ysmael said.
With the master plan for the San Juan development already complete, Ysmael said redevelopment may begin next year.
“We will probably start development of the two phases, phase zero and phase one next year, which will entail the redevelopment of a portion of the Greenhills Shopping Center into a mixed-use plate. It will have a residential, a shopping center and an office component,” Ysmael said.
The redevelopment will be divided into phases to ensure that the operations of the tenants will not be disrupted, he said.
Ysmael noted that around P10 billion will be spent for the first two phases of the redevelopment and that redevelopment of the entire property will take at least 10 years and will involve around five phases.
The commercial component of the shopping center, which is in front of Ortigas Avenue, will be the priority of the redevelopment, he said.
He said the back portion will be redeveloped later “and we also intend to segregate the residential portion from the commercial portion. So the residential will be at the back portion, so it will be, I guess, more quiet.”
In line with prioritizing the commercial portion, Ysmael emphasized that the tiangge [flea market]concept of Greenhills will be retained, since it is what made the shopping center famous and “is still a very good business.”
“We would like to keep that concept which will make the development quite unique. So we’ll just relocate them. But there will be no disruption, because we want to make sure that they continue to operate,” Ysmael explained.
Aside from the Greenhills Shopping Center, redevelopment master plans for its other major projects are still in progress, according to Ysmael. These include the 10-hectare Capital Commons in Pasig City, the 15-hectare Frontera Verde along C5, and the 10-hectare Circulo Verde, which is nestled between Quezon City and Pasig City.
The redevelopment of the other projects will also lean toward integrating mixed-use components but will focus on the recurring income spectrum, he said.
“We intend to capitalize on the unique location and attributes of the property–more towards recurring income, more towards the shopping center, office and hotel at some point in time,” Ysmael said.
“There will be a residential component, but we will launch it as and when the market allows it,” he added.