Property developer Ortigas Land unveiled on Tuesday the most valuable residential offering in the Ortigas central business district (CBD) to date, a 51-story condominium tower that would bring P16 billion worth of fresh inventory to the metropolis.
The new project, Residences at the Galleon—the second phase of two-tower The Galleon along ADB Avenue—offers 509 residential units at a starting average price of P320,000 a square meter.“It sets a new pricing standard for a product of this kind in the Ortigas business district,” Ortigas Land president Jaime Ysmael said in a press briefing on Tuesday.
But while this is the highest-priced residential product in the Ortigas area to date, Ysmael noted that this was still lower than the range of capital values in Makati and Bonifacio Global City (BGC).
Capital values in Makati are currently at P220,000 to P700,000/sqm while in BGC, the range is between P320,000 and P515,000/sqm.
“We believe that it is just a matter of time that prices within the Ortigas Center, including fringe, will catch up with Makati and BGC,” Ysmael said. Jenna Belardo, Ortigas Land assistant vice president and head of property sale, said the one-bedroom units would have a footprint of 69 to 71 sqm and the two-bedroom units would be sized at 109 to 114 sqm. The first 100 units are offered for sale at P24 million to P46 million.
There are five penthouse units ranging from 268 to 411 sqm that are selling for P102 million to P162 million per unit.Turnover of the units is targeted by the fourth quarter of 2028. This is longer than the usual five-year construction period for a high-rise development because of the construction challenge in the area, which is now already fully built. Ortigas Land’s The Galleon is the only mixed-use development in the Ortigas business district.
Turnover of the units is targeted by the fourth quarter of 2028. This is longer than the usual five-year construction period for a high-rise development because of the construction challenge in the area, which is now already fully-built. With other existing developments like the Asian Development Bank complex within the vicinity, Ysmael said Ortigas Land and its contractor Datem would have to take extra care to ensure safety and mitigate noise and pollution.
Belardo said the project was likely to attract a lot of interest from investors, given the high demand of upscale residential space in Ortigas, especially among expatriates.
Expected yield based on current rental rates in Ortigas is within the market range of 5-6 percent but adding capital appreciation value, Ysmael said this was an attractive residential space relative to the more established or relatively new CBDs in the metropolis.
Ortigas Land’s The Galleon is the only mixed-use development in the Ortigas business district. The two-tower development, which is rising on a newly 7,000-sqm lot, also offers office and retail space. Bulk of the first tower, which offers rare office space for sale, has been taken up.
The residential tower will have a mini-theatre room, a game room, swimming pool, gym, and sauna room alongside smart home features that allow residents to have complete control over their facilities and utilities using an app.
Out of its 51 storeys, Residences at The Galleon will have 43 residential floors, one amenity floor, five floors of podium parking, two floors of podium retail and 43 retail units.
Pitching an “intimate” experience via “optimal peaceful and uncrowded” living environment, each floor will only have 12 residential units.
For Ortigas Land, this new project is expected to provide a gross profit margin of at least 40 percent.INQ