Ortigas group remains interested in PSE listing

MANILA, Philippines - The Ortigas group, one of Metro Manila’s biggest landlords, remains very interested in listing on the stock exchange.

Ortigas & Co. general manager Joey Santos said the group is just waiting for the right time to launch an initial public offering as it continues to monitor developments here and abroad.

“It’s still something that we want to do but timing is key so we cant tell you when. It could be this year or next year or three years from now, we don’t know,” Santos said.

Capitalizing on a resurgent property sector, the Ortigas group is developing a number of major projects, which include the P25 billion mixed-use complex Capitol Commons in Pasig City, Circulo Verde in Quezon City, the expansion of Tiendesitas and the Greenhills shopping area.

Capitol Commons, located on a 10-hectare lot which used to house the Rizal Provincial Capitol, comprises five luxury residential towers, an upscale mall, and office buildings.

The redevelopment of the Greenhills shopping center, which requires an investment of P25 billion, is targeted for completion in November while the construction of the luxury residential tower, Viridian, also in Greenhills is seen to be completed in the fourth quarter of 2016.

Santos said the three-hectare shopping and events place Tiendesitas re-opened the first of its three buildings, covering 12,300 square meters of retail space. The two others are slated to open in October 2014 and in 2015.

Just recently, the group launched the second of five planned luxury residential towers at Capitol Commons with estimated sales of P8 billion. The new building, Imperium will offer a total of 226 units priced at between P17 million and P37 million apiece.

The Ortigas clan, whose historic roots date back to the 300-year Spanish colonial rule, developed upscale residential subdivisions Valle Verde and Wack-Wack as well as the 77-unit Luntala townhouse project within Valle Verde 6.