Ortigas and Co. expects P14 billion in sales from office-for-sale building
Posted by Ortigas Land
Date posted July 30, 2019
Property developer Ortigas and Co. on Wednesday said it is spending some P11 billion to develop The Galleon, a mixed-use, two-tower property that will be built near the Asian Development Bank in Ortigas Center.
Company president and CEO Jaime E. Ysmael said the company will first launch the sale of office spaces, which he said will be a premium space and not for the business process outsourcing sector. The company is expecting P14 billion in sales from the project, which it is selling at an average price of P266,000 per square meter.
The first tower to be introduced will be the office building, but the entire development will also have retail and residential spaces.
“As the demand for high-quality office spaces continues to rise, we are confident that this property will be able to offer something new to investors who place a premium on convenience, accessibility, sustainability and the prestige to claim their own piece of Ortigas Center,” Ysmael said.
There will be about 47,000 square meters in net saleable area and will be completed by 2025.
Offices at The Galleon will consist of 31 office levels with food and retail establishments on the first two levels of the building. There will also be five levels of basement parking to accommodate office tenants and retail patrons. Unit sizes for office spaces start at 75 square meters to 767 square meters, with prices ranging from P20.9 million to P184.3 million.
“The Galleon is the first development this year that we’re introducing as we celebrate our 88thAnniversary. As we anchor our premier development in Ortigas Center, we aim to strengthen our position as a developer that builds great places that complement and enhance the lives of people,” Ysmael said.
Other office portfolio of the company, which comprises of The Glaston Tower and Silver City in Ortigas East, the Ortigas Building and the IBP Tower in Ortigas Center and the Offices at Estancia in Capitol Commons.