Jaime E. Ysmael, the new president and chief executive officer (CEO) of Ortigas, told reporters last week the company is drafting a new five-year plan that will “capitalize on the inherent strengths” of the firm’s mixed-use projects.
“We have an initial one, but given that we have a new management team, we will do a refresh of that plan,” said Mr. Ysmael, also the chief finance officer of Ayala Land, Inc.
“We are trying to finalize the plan for all major parcels, including the remaining ones we have in Ortigas business district that will form the basis of the new five-year plan as we complete the masterplan.”
The property firm may launch another residential development, following the 53-storey Viridian luxury residential condominium as part of the ongoing redevelopment of the Greenhills Shopping Center in San Juan.
“Upon full development, we will have a very nice mix of malls, offices, residential and hotel uses that will capitalize on the location of the Greenhills Shopping Center,” Mr. Ysmael said.
Part of the Greenhills redevelopment is to put an underground parking space that will eventually interconnect all of the buildings in the mixed-use community — similar to what Ayala Land has done at the Ayala Center in Makati.
Development at the 10-hectare (ha) Capitol Commons in Pasig City is under way with the expansion of the shopping mall component, Estancia, through the addition of cinemas and office spaces, making the property a “complete lifestyle community.”
The second Unimart Supermarket is scheduled to open next year.
“Capitol Commons has started to actually become an ‘in’ place and we are reaping the benefits of that through continued sales we actually get from three existing projects: Royalton, Imperium and Maven. We will have a couple more residential towers that we will develop on that space,” Mr. Ysmael said.
Frontera Verde, an 18.5-ha project in Pasig City, is being positioned as a BPO campus given its frontage of Circumferential Road 5 (C-5). It is home to several BPO companies, with Tiendesitas, owned and managed by Ortigas, as its anchor locator.
“Eventually, they will get redeveloped, even the office components, to give way to residential towers as well. We have existing leases, and once the leases expire, we will eventually redevelop the area,” Mr. Ysmael said.
The real estate developer is introducing office components to Circulo Verde, a 12-ha community development in Quezon City, to complement the “entry-level housing and mall” in the property.
“We will tweak the model a little bit to make it a destination place,” Mr. Ysmael said.
The company has certain parcels of land in the Ortigas business district as well as reversal rights to a portion of Camp Crame and Camp Aguinaldo, along the country’s busiest highway EDSA.
“With the new management team that will supplement the existing one, we are confident we should achieve our objectives which is to maximize the potential of the land bank of Ortigas and banking on the legacy of the brand as well which has proven to be a good brand,” Mr. Ysmael said.
Aside from Mr. Ysmael, Ortigas & Co. recently appointed former Ayala Land International Sales, Inc. president Thomas F. Mirasol as senior vice-president and chief operating officer, and former SM North assistant vice-president for operations Renee C. Bacani as vice-president and general manager of the Shopping Centers Division.
Fierce competitors in the areas of banking and real estate, the Sy and Ayala groups have proven they can work together following a decision to jointly manage and develop the Ortigas family’s property company in November 2014 after a legal row that lasted two years.