Premier property developer Ortigas & Co., Inc. will build a 34-storey office tower in its newest prime development within the Ortigas central business district in Pasig City.
Ortigas & Co. President and Chief Executive Officer Jaime Ysmael said they hope to launch the 349-unit The Glaston Tower, the company’s first office tower for sale, next week.
“Then break ground (on the tower) right away. We are just waiting for our license to sell. Construction typically takes three to four years,” Ysmael told reporters Wednesday.
The partnership of the Ayala, Sy and Ortigas groups expects to generate PHP6.6 billion in sales from units of the Glaston Tower, which targets to house traditional offices and startups.
“We are seeing a resurgence of traditional office users and this is probably because the economy is growing. New businesses are sprouting. They need offices or existing offices are expanding so they need more offices,” he noted.
Ysmael said the office tower is part of the first phase of the PHP50-billion redevelopment of the 16-hectare estate Ortigas East, formerly known as Frontera Verde.
He said the company would pour PHP18 billion into Phase 1, which would also have residential and retail components.
Ysmael further said it would invest PHP18 billion in the second phase, comprising park and residential projects; and PHP14 billion in the third phase with office, hotel and retail components. Ortigas & Co. targets to redevelop the estate in the next 15 to 20 years.