PROPERTY developer Ortigas & Company said on Thursday it will allocate P60 billion to the redevelopment of Greenhills in San Juan City in line with its vision to modernize its major estates.
Of the total capital expenditure, P10 billion will be used for the first phase development, Ortigas & Co. President and Chief Executive Officer Jaime Ysmael said.
“When we came in, we basically reviewed the master plans of the major estates—Greenhills was one of the biggest and a very big source of our revenue right now. We’ve completed the master plan and we’re quite excited with the output,” Ysmael told a news briefing in Pasig City.
“Definitely we’d like to transform that into a new business district for San Juan effectively. The uses will also be to broaden, to incorporate a mixed-use place that will not only cater to residents of San Juan but [also]to those within the immediate environments, Metro Manila in particular, given the unique location,” he added.
The Greenhills estate project is situated in a 10-hectare land bank. Redevelopment will include the expansion and modernization of all amenities coupled with residential components, one of which is The Viridian at Greenhills condominium.
“We will also add offices including service residences or even hotels in the future to really make it a thriving district,” Ysmael said.
One of the identified projects is “The Connor,” a 55-story residential condominium set to rise at the intersection of Club Filipino Avenue and Eisenhower Street. The Connor will join a new business process outsourcing (BPO) building and a new mall to complete the initial phase of the estate’s upgrade.
“Connor is going to be our next focal project in Greenhills. We are tapping into the market of second generation Greenhills residents and other Metro Manila residents who are looking for an investment or a home that is centrally located within the city as well as situated in a mixed-use setting,” Ysmael said.
The Connor will offer 47 residential floors, seven parking floors, and a floor dedicated to the tower’s top-class amenities. Most of the units will be studio units, apart from the one-bedroom, two-bedroom, and three-bedroom options.
Unit sizes will range from 27 to 120 square meters with prices ranging from P3.7 million to P21 million, with a total of 970 units, of which 216 will be allotted for serviced residences to cater to business travellers, expatriates, and tourists.
The company also plans to overhaul three other estates–the Capital Commons, Frontera Verde, and Circulo Verde.
Capital Commons is a 10-hectare mixed-use development which is still under construction in Pasig City. The development features modern living spaces, office facilities, and commercial areas mixed with retail and entertainment components.
Frontera Verde is the company’s interim 16-hectare project which houses Tiendesitas.
“That one … we see a lot of opportunities in terms of creating a new estate within that corridor, which is quite attractive from a development standpoint given that we are at the crossroads of major highways,” he said.
Circulo Verde is a master-planned mixed-use community in Quezon City which offers restaurants, a vast open space, and retail stores.
“There’s primarily residential there and a small retail component… but we’re also positioning it now as a hub for people to converge in because we have some entertainment components,” he said.
The amount of expenditure for the three other projects was not disclosed.