Property developer Ortigas and Co. Ltd. Partnership (OCLP) announced it will be investing P20 billion for the development of a condominium project in Libis, Quezon City.
“We will be building residential condominiums behind Libis,” Rex C. Drilon II, OCLP chief operating officer told The STAR in a telephone interview.
The project has been dubbed Circulo Verde. The master plan includes constructing 15 residential buildings in a 12 hectare land.
The entire project will yield 5,000 units. At a project cost of P4 million per unit, the total expenditure is pegged at P20 billion.
Drilon said the ground breaking is expected before the end of the year. The first two buildings, he said will be completed in two to three years while the entire project will be done in seven to 10 years.
Drilon said their target market is middle to upper middle class consumers. Because it is a regular residential condominium community, he said they are not going to aply for tax perks from the government.
Drilon likewise announced that they have already sold out residential development to Aqua Verde Ortigas.
Earlier, Drilon said the investment for Aqua Verde is also P20 billion. The project is built on a 12-hectare property that was used to be owned by affiliate Concrete Aggregates Corp. in Libis, Quezon City. OCLP bought the land for P1.13 billion.
Aqua Verde has four phases. The first phase includes five buildings with a total of 900 units within a 2.5-ha area. Uni and bi-level units with one, two, bedrooms will be sold at P4.5 to P5 million.
The company said the project is a low-density development with more than 70 percent of the land allocated for parks and open space while buildings have varying heights to give residents an unobstructed view of the greens.
The Ortigas group also owns Greenhills Shoppings Center, Ortigas Center, Tiendesitas, Valle Verde and Greenmeadows.