P50 billion earmarked for Ortigas East property development

New office tower

Kicking off the redevelopment will be the 34-storey Glaston Tower which Ortigas & Company noted is its first office-for-sale building.

The tower is planned to have 25 office floors with food and retail establishments on the first few levels, along with 8 levels of podium parking space and basement parking. The unit sizes are 76.88 square meters to 141.88 square meters, with prices ranging from P13.5 million to P29 million.

"We thought it appropriate to start with the office component given our reading of the market. There has not been any major new office-for-sale buildings that have been constructed within the Ortigas area. The market for office-for-sale is very similar to the market for residential especially when it comes to the investor market. That's really the market we are tapping into," Ysmael explained.  

"We feel like the market is big enough given the lack of product and low occupancy rates around the Ortigas business district in general," he added. "The retail or mall component along with residential buildings will happen soon after the office."

The Ortigas & Company head added that the retail component will be highlighted by a mall with 104,000 square meters of gross leasable space. According to Ysmael, they have already secured global anchors like Decathlon, the world's biggest sports retailer.

Ysmael also noted that Ortigas & Company will largely fund the first phase using its balance sheet, facilitated by pre-selling. – Rappler.com