P26B earmarked for Capitol Commons expansion
Property developer Ortigas & Co. has earmarked P26 billion to expand the retail, office and residential offering of its 10-hectare prime mixed-use estate, Capitol Commons, in Pasig City.
Beyond the construction of Capitol Commons’ three residential towers—Royalton, Imperium\and Maven—Ortigas is expanding the Estancia mall to complement the existing wing of this “prestige mall” concept.
The mall expansion program will add a floor area of 76,000 square meters, giving way to state-of-the-art cinemas, restaurants, global lifestyle brands and a department store of retail giant SM. Some 11,000 sqm in floor area will be allotted to office space.
“Capitol Commons is one of our key fully integrated developments in the Ortigas central business district. It is an enclave positioned as modern and global, and we are fully committed to unlocking its value. We are poised to complete our residential towers in the next three years and next year, we are going to unveil the Estancia Extension to add to the features of the property,” Ortigas president and CEO Jaime Ysmael yesterday said in a statement.
Ortigas sees Capitol Commons—which previously housed the Rizal provincial capitol—becoming an increasingly valuable investment as it gains more accessibility through the government’s infrastructure projects.
The P1.6-billion BGC-Ortigas Center Link Road Project will connect Capitol Commons and the rest of the Ortigas central business district with Bonifacio Global City. Capitol Commons will also host the Ortigas South station of the P227-billion Mega Manila Subway Project.
To date, Capitol Commons’ office spaces serve as headquarters to various multinational companies. It also has a standalone food strip called Gastro and a supermarket, Unimart.
Residential tower, Imperium, will be topped off in September and turned over to home buyers by 2020, while Royalton will be turned over next year.
Earlier this year, Ortigas announced its P50-billion redevelopment of Ortigas East. More recently, the firm broke ground on The Glaston Tower, its first office tower for sale, as well as its new integrated regional mall in Greenhills.
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