Ortigas launches P25B Pasig City project
Ortigas & Co. officially launched Wednesday its P25-billion redevelopment of the former Rizal provincial capitol in Pasig City, on which it will build a mix of residential, commercial and office buildings over a 15-year period.
According to the property developer, the 10-hectare mixed-use project located at the southern end of the Ortigas business district—strategically situated between Makati and Quezon City—would be called Capitol Commons.
Once fully completed, the project will have 35,000 square meters of prime retail space, 20,000 square meters of office space aimed at knowledge process outsourcing (KPO) companies, and 280,000 square meters of residential units.
More than half of the land area would be allocated for open spaces, the company said in a statement.
“Capitol Commons would have the first high-end shopping mall in Pasig City and we are glad to be contributing to its economic growth,” said Ortigas & Co.’s real estate division general manager Joey Santos. “In cooperation with the Pasig local government and Mayor Bobby Eusebio, Ortigas has pledged to build a road on the Meralco side of its property to essentially widen Meralco Ave., thus easing traffic. The public would be able to benefit from a widened Meralco Ave. in the second quarter of 2012,” he added.
Expected to rise within Capitol Commons is a high-end shopping mall called Estancia that will house restaurants, service and convenience retailers as well as international fashion brands.
“The jewel of Capitol Commons will be integrated into the central park, with connections to the rest of the development via pedestrian-friendly walkways,” the company said.
Three to five floors above the shopping mall will accommodate KPO companies. Three basement level parking spaces will allow for as much as 700 slots.
Estancia at Capitol Commons broke ground this December with the targeted date of completion on 2013.
Comprising the residential side of the development will be five high end residential towers. First to rise is the Royalton, which will have 65 residential floors, which have a mix of studio, one- and two-bedroom layouts.
Ortigas & Co. has 80 years of experience in property development and shopping center management. It is the company behind Greenhills Shopping Center and Tiendesitas shopping complex as well as residential developments like the Greenhills subdivisions, Greenmeadows and Valle Verde communities.
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