Ortigas spending P26 B for Capitol Commons expansion.
Ortigas and Co. is investing P26 billion for the continued development of Capitol Commons, its prime estate in Pasig City.
Ortigas and Co. president and CEO Jaime Ysmael said the capital outlay would be used to expand Capitol Commons including the completion of new residential towers.
'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.
We are poised to complete our residential towers in the next three years and next year, we are going to unveil the Estancia extension to add to the features of the property,' Ysmael said.
The outlay will further realize the firm's vision of making Capitol Commons an exclusive global estate with a formidable retail, business, and residential play, he said.
The company is building three residential towers - Royalton, Imperium, and Maven. It is set to build the Estancia Expansion to complement the existing wing of the mall.
The expanded section, which will have a gross floor area of 76,000 square meters, will have cinemas, new restaurants, global lifestyle brands, and a department store by retail giant, SM.
There will also be 11,000 square meters that will be allotted for office space.
Aside from the ongoing expansion, Capital Commons will also benefit from new infrastructure projects that will improve access to the estate.
'Capitol Commons will become an increasingly valuable investment as it gains more accessibility through the government's infrastructure projects,' Ysmael said.
Projects include the P1.6-billion BGC-Ortigas Center Link Road, which would connect Capitol Commons and the rest of the Ortigas CBD with another business hub, Bonifacio Global City.
Capitol Commons will also become the Ortigas South station of the P227-billion Mega Manila Subway Project.
The company will top off one of the residential towers Imperium in September, with turnover over by 2020, while Royalton will be turned over next year.