Ortigas readies P4-B capex this year

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Property developer Ortigas and Co. will ready as much as P4 billion in capital expenditure (capex) this year, which will be spent for the expansion of its shopping center, building of new condominiums and debt financing.

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Joey Santos, Ortigas deputy chief operating officer and general manager for Real Estate Division, said on Monday that the company will spend around P4 billion this year, which is slightly the same to what the company spent last year.

Breaking down the use of the capex, Santos said that P1.5 billion will go to the expansion of the Greenhills Shopping Center, while P2.5 billion will be used to develop two condominiums in its mixed-use community project in Pasig called Capitol Commons.

In 2014, 65,000 square meters of new leasable space will be added to the company’s portfolio, while its total commercial space will increased by 30 percent from 200,000 square meters.

Santos also said the mall that will be built in Capitol Commons will add as much as P300 million in its recurring revenues.

In terms of earnings, he said that the group is expecting its profit from commercial spaces to grow as much as P2 billion in 2015.

In February last year, Ortigas’ retail investment peaked at around P28.84 billion, as it launched its P400-million retail project that will rise in its P25-billion development called Circulo Verde.

Cathy Casares-Ko, OCLP Holdings Inc. general manager for Shopping Center Division, said that the company is set to expand its retail portfolio with the rise of Industria, a new P400-million indoor-outdoor retail development. OCLP Holdings is the holding firm of the Ortigas family.

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