Ortigas Land earmarks P15-B for 2020 expansion initiatives

Property developer Ortigas Land on Tuesday said it is setting aside around P15 billion in capital expenditures to finance its expansion initiatives to drive profitability in 2020.

“For this year, our total capex is P15 billion. This includes the three projects in our pipeline,” Ortigas Land President and CEO Jaime Ysmael said.

The three projects on its pipeline were Residences at The Galleon,  a high-end luxury residential tower in Ortigas Center; Maven 2, a residential condominium in Capitol Commons; and Circulo Verde Garden Homes, a group of townhouses in Quezon City.

The projects were targeted to be launched within the first three quarters of 2020.

“Our projects will cater to a variety of markets. We also have retail components that will cater to the needs of the market, just like here in Capitol Commons, there's a lot of things happening. This year is going to be a busy year for us,” Ysmael said.

With new property projects , Ysmael said Ortigas Land was optimistic over posting double-digit growth in terms of the bottom line in the next five to six years.

The Ortigas Land chief said the property developer’s net income of P100 million substantially improved since it started in 2014.

“Fast forward to last year, after five years, our net income ended at P2.3 billion. That’s 23 times our net income during our first year,” Ysmael disclosed, noting that the government’s ongoing infrastructure projects would boost the property sector. — DVM, GMA News