Ortigas spending additional P3 B for Greenhills redevelopment

MANILA, Philippines - Property developer Ortigas & Co. is pouring in an additional P3 billion for the third phase of the Greenhills Shopping Center redevelopment, a ranking company official said.

In an interview on the sidelines of a Philippine Retailers Association event, Ortigas & Co. general manager for shopping centers division Cathy Casares-Ko said they would commence next year with Phase 3 of their crown jewel’s expansion.

“We are nearing completion of the second phase and we will be starting soon with the third. It’s quite hard to do work if the shopping center is live as opposed if you’re working on a blank piece of property. This one you have to consider traffic,” she said.

Ko said the redevelopment of the Greenhills Shopping Center would be conducted in eight phases over a period of 20 years.

For the third phase, works would include construction of more retail space as well as a new residential tower, Ko said.

The Greenhills Shopping Center was first developed in the 1970s and became a shopping and leisure destination in San Juan City.

In 2010, Ortigas & Co. decided to embark on a redevelopment plan that aims to bring the shopping center up to par with modern international shopping centers while retaining the old charm of the iconic shopping and entertainment center.

Ko said the entry of real estate giants Ayala Land Inc. and SM Prime Holdings,Inc. in the investment holding firm of the Ortigas family last year did not affect the plans earlier mapped out for the Greenhills Shopping Center.

The two property powerhouses, however, are expected to infuse their expertise in mall and mixed-use developments to the owners of strategic land bank areas in the Ortigas central business district.

“So far, what we have been implementing are the plans we have put in place before they came in,” Ko said.