Ortigas & Co. to spend P20B for new mixed-use project

MANILA, Philippines- Property firm Ortigas and Co. Ltd. Partnership plans to spend P20 billion for a mixed-use development in Libis, Quezon City geared towards local middle and upper income markets. Rex C. Drilon II, OCLP chief operating officer, said the company's Aqua Verde Ortigas, a residential development with commercial component that will be developed in the next 10 years. It will be built on a 12-hectare property that used to be owned by affiliate Concrete Aggregates Corp. in Libis, Quezon City. Early this year, Concrete Aggregates disclosed the sale to Ortigas & Co. for P1.13 billion. Unlike most other property developers, OCLP will be mostly offering this project to local buyers and not so much to overseas Filipinos, said Cathy Casarer-Ko, OCLP real estate division chief. Aqua Verde will have four phases, with the first phase including five buildings with a total of 900 units within a 2.5-ha area. Uni and bi-level units with one-, two-, bedrooms will be sold at P4.5 to P5 million each so this will give the OCLP an estimated P4.5 billion sales revenue. The company said the project is a low-density development with more than 70 percent of the land allocated for parks and open space while buildings have varying heights to give residents an unobstructed view of the greens. The Ortigas group also owns Greenhills Shoppings Center, Ortigas Center, Tiendesitas and the upscale villages Valle Verde and Greenmeadows. - GMANews.TV