The company is set to transform Greenhills into a new business district for San Juan.
In the next several years, one of the country’s well loved shopping meccas will undergo a massive, P60-billion redevelopment plan that will bring the Greenhills complex in San Juan at par with the rest of the business districts in the metro.
It’s admittedly an aggressive plan that formed part of a bigger strategy being rolled out by Ortigas & Co., one of the pioneers of property development in the Philippines that is now co-owned by two giants, Ayala Land Inc. and SM Prime.
That strategy calls for an investment of at least P125 billion for the redevelopment of three of its four major estates. Apart from Greenhills, the 16-ha Frontera Verde, the 10-ha Capital Commons, and the 10-ha Circulo Verde are also set to undergo a massive redevelopment.
Ortigas & Co. president and chief executive officer Jaime E. Ysmael said in a press briefing Thursday that the proposed expansion program was meant to transform the company and bring it to a new level of growth and profitability.
“When we execute these plans, we hope to be one of the major players in the real estate space in the Philippines. That’s the vision for the company and we’re quite excited about the prospects given the combination of the legacy of the Ortigas brand which has developed large tracts of land including the Ortigas central business district, and with the expertise from Ayala Land and SM,” Ysmael explained.
Integrated estate
According to Ysmael, the company is poised to start this year the transformation of the 16-ha Greenhills complex into a bustling, integrated estate.
“We would like to transform that into a new business district for San Juan… so that it will not only cater to residents of San Juan but also to those within the immediate environment—the whole of Metro Manila in particular. It will have the usual shopping center which will be expanded and modernized, and will also have a residential component. We are also looking to put up serviced residences, or even hotels in the future to make it a thriving district,” Ysmael explained.
Jumpstarting the first phase of development for Greenhills, which will entail a capital outlay of P10 billion, is the establishment of an office building for business process outsourcing firms, a new mall, and a second residential tower called Connor. As much as 100,000 sqm of fresh leasable space will be available.
‘Contemporary manor’
The 55-storey residential tower to rise on the intersection of Club Filipino Avenue and Eisenhower Street is meanwhile envisioned to inject a fresh take on the iconic estate, which is being transformed into a shop-work-play-live destination. It is targeted to break ground in the last quarter of 2017.
“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 looking for an investment or a home centrally located within the city as well as situated in a mixed-use setting,” Ysmael said.
Connor will offer unit cuts ranging rom 27 to 120 sqm, priced from P3.7 million to P21 million. Of the tower’s 970 units, 216 will be allotted for serviced residences to cater to business travelers and Ortigas-based expats and tourists.
Retail strengths
The new mall will have another tiangge to add to the already extensive offers of the existing bazaar. A department store will also be put up to further augment Greenhills’ retail strengths, along with a new boulevard and cinemas.
“We are looking to add more office buildings and residential towers for the redevelopment’s upcoming phases, so we want the estate to be truly integrated and grounded on strong retail, dining, and lifestyle offerings,” he said.
Ysmael assured that the redevelopment will be done in phases to ensure minimal disruption. The company is also set to retain the “old charm” of which Greenhills has been known for—a shopping mecca, a haunt for bargains and rare finds, complemented by an extensive array of dining options.
“After this, we can move to the next phase of redevelopment. But we will retain the tiangge type of shopping which Greenhills has been known for. We will organize it in such a way that Greenhills will be more modern while retaining the feel of having a bargain center in a better environment,” Ysmael said.
“The other thing that Greenhills is known for is being an incubator for small businesses. We would like to make sure that Greenhills will retain that charm and tradition of having small shops. The first phase of development will make it much more complete as we will be adding more shops while at the same time retaining the original elements so we can continue the Greenhills legacy,” he added.