MANILA, Philippines -- Real estate developer Ortigas & Co. has embarked on an aggressive redevelopment program for its biggest properties to maximize the values of its central business district.

In an interview, company COO Rex C. Drilon II said the four flagship projects of the privately held firm would have an investment value of approximately P25 billion each—for a total of P100 billion in investments.

The first project, which recently broke ground, is the Circulo Verde master-planned residential community along Calle Industria in Bagumbayan, Quezon City.

The first phase of construction for the project, which has been allotted P3 billion, includes the construction of five residential towers on 2.7 hectares of the 12-hectare property.

“This project will eventually house up to 5,000 residents as well as some retail outlets,” said Drilon.

The privately held property firm also recently completed a deal with the Rizal provincial government that saw a new provincial capitol built—at the company’s expense—in Antipolo City.

The transfer freed up the 10-hectare site of the former provincial capitol along Shaw Boulevard in Pasig City, which had originally belonged to Ortigas & Co. Under the original deal between the government and the firm, the property would be returned to the Ortigas family once it is vacated by the provincial government.

“We will start development of this property, called Capitol Commons, by next year,” Drilon said, explaining that it would be a mixed-use project with high-rise buildings and 67 percent of the property devoted to open spaces. “This will also be worth around P25 billion over a 10-year period.”

“We intend to become the Ayala of the north,” he added, alluding to the property developer’s commitment to quality and “green spaces” in its projects.

He also said that Ortigas & Co. would also start next year the redevelopment of the 16-hectare Greenhills Commercial Center to transform it into a modern shopping complex.

Once completed, the P25-billion shopping complex will hold several mid- and high-rise structures, a larger “tiangge” area as well as three levels of underground parking facilities that can accommodate up to 10,000 vehicles.

Finally, Drilon said the company would also develop a 1.6-hectare property in front of the Asian Development Bank compound in Ortigas Center, which is currently a vacant lot.

“On this property will rise one of the tallest buildings in the country,” he said.

For this year, the company will start construction of the 23-story Ibiza Tower in Circulo Verde, which will offer one- to two-bedroom units, sized from 44 to 80 square meters per unit.
Also underway is the construction of the 11-story Majorca Residences with one-, two-, and three-bedroom units, sized from 42 to 107 square meters.

Both projects will be completed by the third quarter of 2012.