Wednesday, 18 March 2009

Ortigas to build 75-story building, Philippines' tallest

By Jenniffer B. Austria
Manila Standard

THE Ortigas group is building what would be the country’s tallest structure, the 75-story One Galleon Place in front of the Asian Development Bank in Ortigas Center, Mandaluyong City.

The 300-meter-tall building, which will house offices and a five-star hotel, will overshadow the 52-story PBCom Tower in Makati, a 55-story condominium being built by Anchor Land Holdings Inc. in Binondo, Manila, and the 66-story Federal Land Tower rising up in Taguig City.

The P20-billion project is being launched to commemorate Ortigas & Co.’s 75th anniversary, according to chief operating officer Rex Drillon.

The company is also spending another P20 billion on its first residential development project within a 12-hectare property in Bagumbayan, Quezon City.

Called Circulo Verde, the project involves the construction of 12 residential condominiums targeting middle and upper- income markets. The project is expected to be completed over 15 years.

This year, the company will be launching two residential towers: the 11-story Majorca and the 23-story Ibiza, with one-, two- and three-bedroom units priced at P80,000 a square meter, which is lower than the P85,000 that Megaworld Corp. offers in its projects in Libis, Quezon City.

The company aims to sell at least 200 units this year.

Drilon also disclosed plans to redevelop the 16-hectare Green-hills Shopping Complex into increase the space allotted to its flea markets, to about 400,000 square meters from 100,000 square meters now.

The company is building two floors of underground parking, a residential tower, a serviced hotel and shopping mall.

Ortigas has tapped RTKL to do a master plan for the area.

The entire project is expected to cost P20 billion.

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