ORTIGAS & CO. will be spending P26 billion for the development of its Capitol Commons estate in Pasig City, as it adds more retail, leasing, and residential projects in the area.
“Capitol Commons is one of our key fully integrated developments in the Ortigas central business district. It is an enclave positioned as truly modern and global, and we are fully committed to unlocking its value,” Ortigas & Co. President and Chief Executive Officer Jaime E. Ysmael was quoted as saying in a statement.
Capitol Commons is one of the mixed-use estates under Ortigas & Co.’s portfolio, which also includes Greenhills Center, Ortigas East, and Circulo Verde. The estate spans 10 hectares and is located along Meralco Ave. Corner Shaw Boulevard in Ortigas Center, Pasig City.
At Capitol Commons, Ortigas & Co. is currently constructing three residential towers in the estate, namely Royalton, Imperium, and Maven. The Royalton and Imperium towers are scheduled to be turned over in 2019 and 2020, respectively.
For the retail component, the company will be expanding its Estancia shopping mall with the addition of 76,000 square meters (sq.m.) in gross floor area. The Estancia expansion will add state-of-the-art cinemas, new restaurants, global lifestyle brands, and a department store operated by the SM Group.
A total of 11,000 sq.m. from the mall expansion will be for office spaces. Capitol Commons’ current office spaces are being used as the headquarters for different multinational companies.
Capitol Commons also has a stand-alone food strip called Gastro and supermarket Unimart.
“Our masterplan for Capitol Commons takes into account not only today’s lifestyle, design, and construction trends, but also upcoming developments that involve the wider community. This investment will prepare us to become a truly integrated hub for live-work-play on this side of Metro Manila,” Mr. Ysmael said.
Ortigas & Co. is also banking on the development of some infrastructure projects by the government. This includes the P1.6-billion Bonifacio Global City (BGC)-Ortigas Center Link Road Project that will connect Ortigas Center with the BGC central business district. The estate will also house the Ortigas South Station of the P227-billion Mega Manila Subway Project.
“Capitol Commons will become an increasingly valuable investment as it gains more accessibility through the government’s infrastructure projects,” the company said.
Aside from Capitol Commons, Ortigas & Co. is also undertaking the P50-billion redevelopment of Ortigas East, and the P60-billion redevelopment of Greenhills Commercial Center. — Arra B. Francia