Property developer Ortigas & Co. has brought to the property market P14 billion worth of rare office property stock for companies that prefer to own, rather than rent, their business address.
Aside from corporate end-users, this new office project also caters to investors who are building a rental portfolio and want to own a piece of the Ortigas central business district.
“The Galleon” is a mixed-use two-tower property that will rise across the Asian Development Bank by 2025. The first tower, an office complex, will have 47,000 square meters of net sellable space in 418 units. Average selling price is P266,000 per sqm.
“This particular parcel of land is ideal for development for sale because of its location. While we are committed to increasing our recurring income, we have other sites for those,” Ortigas president Jaime Ysmael said in a briefing.
Unit sizes start at 75 sqm to 767 sqm. Prices range from P20.9 million to P184.3 million.
Ortigas, which is celebrating its 88th anniversary, commits to build a grade “A” tower that is suitable for headquarter-type office requirements of businesses—whether multinational companies, conglomerates or professional firms. This will allow the company to unlock values from the 7,000-sqm lot that was used only as a parking lot for decades. The first tower will have 30 levels of office space.
The residential component of The Galleon will also be launched in the coming months, while the retail component will be developed at the first two levels. There will also be five levels of basement parking to accommodate office tenants and retail patrons.
Ortigas—a partnership among the Ayala, Sy and Ortigas families—expects to spend a total of P11 billion for the entire The Galleon project, which it describes as an “ode” to its eight-decade legacy as a property developer.
“We are excited to introduce The Galleon to the market, especially as this is a premier development in the Ortigas central business district. As the demand for high-quality office spaces continues to rise, we are confident that this property will be able to offer something new to investors who place a premium on convenience, accessibility, sustainability, and the prestige to claim their own piece of Ortigas Center,” Ysmael added.
“The Galleon is the first development this year that we’re introducing as we celebrate our 88th anniversary. As we anchor our premier development in Ortigas Center, we aim to strengthen our position as a developer that builds great places that complement and enhance the lives of people,” Ysmael said.
The Galleon is the most recent addition to the growing office portfolio of Ortigas & Co. Its other office developments include The Glaston Tower and Silver City in Ortigas East, the Ortigas Building and the IBP Tower in Ortigas Center, and the Offices at Estancia in Capitol Commons.