Ortigas rising to new heights
It has been ripe for redevelopment for several years now, and recently, it has begun a transformation that has not gone unnoticed by businesses, investors and most especially, the property developers.
Ortigas Center, touted as the most centrally located business district in Metro Manila, has since started to see its landscape changing—even in the fringe areas and the boundaries that extend to the cities of Mandaluyong and Pasig. Although Ortigas Center is already home to top local and multinational corporations as well as financial institutions—a defined, well established CBD at that—a new character is emerging to eventually future-proof this 100-hectare business district.
Beyond transforming the Ortigas Center skyline, the proposed and ongoing developments here are set to boost the hub’s stature as the address of choice—for homeseekers and businesses alike. Set to redefine Ortigas Center are premium grade, sustainable offices; groundbreaking residential projects; as well as new commercial and lifestyle hubs set to redefine the modern urban lifestyle.
This transformation phenomenon and the potentially lucrative promise it holds for the investor is not without basis. The numbers and hard facts paint a rosy picture ahead.
For instance, average land values in Ortigas Center, in terms of absolute values, are the lowest compared to three other CBDs. However, land values here are forecasted to grow by 22 percent in 12 months’ time from the P337,000 per sqm recorded in the third quarter of 2019—a growth faster than the 20 percent forecast for Makati CBD, data from Colliers International Philippines showed.
It should be noted that the average price-per-sqm of residential projects in the Ortigas Center had grown by 6 percent yearly from 2013-2018.
For this year, land values are projected to grow further to P410,000 per sqm, assuming that Ortigas Center is able to sustain its momentum.
While Ortigas previously lagged, land values here should start to go up this year—with offshore gaming firms starting to expand to this part of the metro, while residential prices are now also on the rise.
Meanwhile, residential supply in Ortigas Center is projected to grow by 9.1 percent by 2021. It was estimated to have grown by 2 percent in 2019 compared to previous year, with the completion of new residential projects within the CBD. It likewise boasts of having one of the the lowest vacancy rates in Metro Manila at 4.5 percent.
Confluence of factors
A confluence of key factors continue to help boost this CBD’s growing prominence and conduciveness, both as a residential and investment destination.
For one, several infrastructure projects on the pipeline are set to further improve the accessibility of Ortigas Center, spur the growth of businesses here, and help maximize its potential for economic expansion.
Such projects include Sta. Monica-Lawton Bridge, which will directly connect Ortigas Center to Bonifacio Global City; the Metro Manila Subway and its two proposed stations within Ortigas Center; and the 15.56-km MRT 4, which will run along Ortigas Avenue and Ortigas Avenue Extension.
The ongoing influx of premium grade office developments, which are targeted for completion between now and 2021, will also offer additional spaces that will help attract local and multinational locators. These projects include The Galleon by Ortigas Land, Corporate Finance Plaza, Glas Tower, and One Filinvest.
Ongoing residential projects meanwhile will cater to an expected rise in demand, coming from both locals and foreigners who would want to reside nearer where they work.
Best suited for the job
While many companies have started to latch on the favorable opportunities in Ortigas Center, no other developer can perhaps truly lay claim to knowing better what this CBD needs than the company that started it all.
Ortigas Land, which extends an expertise backed by a rich, historical 88-year legacy, proves itself to be best suited and well worthy of the job given the extensive offerings it has brought to this market—both within the CBD and its fringes.
Within the CBD, Ortigas Land has The Galleon, a mixed-use structure that seamlessly combines office, retail and residential facilities. Located along ADB Avenue, this complex has a 39-story office tower with a retail center, and an upscale 51-story residential tower.
The Residences at The Galleon, in particular, will offer a total of 509 residential units that come with exquisite finishes and upscale amenities that its future residents can enjoy.
Within the fringes of Ortigas Center are key estates that are undergoing a massive, multi-billion redevelopment plans meant to address the ever evolving demands of the market and the real estate landscape. Among them are the 16-ha Greenhills Center and the 10-ha Capitol Commons in Pasig.
Indeed, Ortigas Center is no longer a laggard among the business districts. It is in fact more than ready and well poised to stand out, as developers like Ortigas Land continue to make waves, leaving an indelible, highly impressive mark in this side of the metro.