Ortigas & Co. looks to accelerate spending

SOURCE:
http://www.bworldonline.com/content.php?section=Corporate&title=ortigas-&-co.-looks-to-accelerate-spending&id=126110

ORTIGAS & CO. plans to accelerate spending once the real estate firm finalizes the new master plan for the development of its mixed-use projects in Metro Manila.

Ortigas & Co. President and Chief Executive Officer Jaime E. Ysmael said in an interview last week the property developer is investing P7 billion this year, mostly funded by bank borrowings.

“In the future, we want to accelerate the pace of development so that number will probably have to increase,” said Mr. Ysmael, the concurrent chief finance officer of Ayala Land, Inc.

Ortigas & Co. is creating a new five-year plan that will capitalize on the inherent strengths of the firm’s mixed-use projects, namely the Greenhills Shopping Center in San Juan, the 10-hectare (ha) Capitol Commons in Pasig City, the 18.5-ha Frontera Verde in Pasig City and the 12-ha Circulo Verde.

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.

“It’s very fluid, but we will have to tweak it given the new master plan we are developing,” Mr. Ysmael said.

Mr. Ysmael, along with other Ayala Land and SM Prime Holdings, Inc. officials, have been appointed recently to the management team of the property firm after both groups decided to jointly manage and develop the Ortigas family’s property company in November 2014 after a legal row that lasted two years.

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. — Krista Angela M. Montealegre