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December 15, 2011

Ortigas to develop mixed-use project in Pasig City, Philippines

Real estate developer Ortigas has unveiled plans for a PHP25bn ($566m) mixed-use township development project in Pasig City, Philippines.

Real estate developer Ortigas has unveiled plans for a PHP25bn ($566m) mixed-use township development project in Pasig City, Philippines.

The company plans to build a mix of residential, commercial and office buildings over a 15-year period.

The ten-hectare mixed-use development project, named Capitol Commons, will be located at the southern end of the Ortigas business district, which is situated between Makati and Quezon City.

Ortigas general manager for real estate Joselito Santos said: "Capitol Commons is an integrated mixed-use development that features modern living space, office facilities and commercial areas that showcase premium retail and entertainment units.

"The company was in talks with Store Specialists of Rustans Group to be one of its leading tenants. It is also negotiating with Unimart to put up a supermarket and Promenade Group to construct the cinemas and other entertainment complexes within the area," Santos said.

Capitol Commons will contain five residential towers, a retail mall with 35,000m2 of leasable space, a hotel and a 20,000m2 of office space for knowledge process outsourcing companies.

Initially, Ortigas is planning to build a high-end shopping mall, named Estancia, which is scheduled to open by December 2013.

The mall will house restaurants, service and convenience retailers as well as international fashion brands.

The shopping mall’s three to five floors will accommodate KPO companies and three basement-level parking spaces with space for 700 vehicles.

The projects’ first residential facility, called Royalton, is scheduled for May 2012; the 280,000m2 residential facility will be a 65-storey structure offering 400 units.

The facility will feature a mix of studio and one and two-bedroom units catering to the middle-income and high-end market.

The funding for the residential tower will be secured from pre-selling and the funding for the shopping mall will come from debt and cash financing.

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