Residences at The Galleon: At the forefront of Ortigas’ evolution
Last Updated on February 22, 2020 – By: Amy R. Remo, Reporter at Philippine Daily Inquirer
It’s stirring a different kind of revolution, one that is poised to be at the forefront of the exciting redevelopment of the Ortigas business district.
Residences at The Galleon, a 51-storey upscale residential tower rising along ADB Avenue, is proving to be a game changer this early, as it sets new standards in pricing, capital appreciation and exquisite lifestyle offerings within Ortigas Center.
New pricing standard
At an average selling price of P320,000 per sqm, Residences at The Galleon is said to be the “highest priced product” within this thriving district, setting a new pricing standard for a product of this kind, said Ortigas Land president and chief executive officer Jaime E. Ysmael.
Despite the price tag, the Residences at The Galleon still offers a huge room for capital appreciation to benefit both the investors and end-users. For one, land values in Ortigas Center are lower compared to those of Makati central business district and Bonifacio Global City.
“With all the developments happening in Ortigas Center, the business district is undergoing a renewal of sorts. If you will look at the skyline, it’s changing rapidly not just for Ortigas Land, but also the other landowners and developers who have been contributing towards the redevelopment of Ortigas Center,” Ysmael said.
“We believe that it’s just a matter of time that the prices in Ortigas Center, including fringe (areas), will catch up with that of Makati and Bonifacio Global City,” Ysmael added.
Consequently, prospective investors and end-users of the Residences at The Galleon are well poised to benefit from the potential value appreciation.
For this year, land values in Ortigas Center are projected to grow further to P410,000 per sqm, assuming that the district is able to sustain its momentum, from the P337,000 per sqm recorded in the third quarter of 2019. The average price-per-sqm of residential projects in Ortigas Center had grown by 6 percent yearly from 2013-2018.
Ysmael added that expected yields in Ortigas hover around 5 to 6 percent, as based on current rental rates in the district.
The Ortigas Land chief also pointed out that a number of planned and ongoing infrastructure projects will further improve the accessibility and connectivity of this district. Consequently, the centrality that Ortigas Center offers will redound to significant benefits to future unit owners of Residences at The Galleon.
As it is, Ortigas Center is the most centrally located business district in Metro Manila, accessible via two major thoroughfares namely Edsa and C-5, and the Metro Rail Transit 3 (MRT-3). Future infrastructure projects include a new bridge connecting Ortigas and BGC; the Mega Manila Subway Project which will have two stops in Ortigas Center; and the MRT-4, an elevated monorail transit system which will have 11 stations.
“All these latest infrastructure projects will improve the accessibility of Ortigas business district. I can’t think of any other city or business district of this size that has and will have this kind of connectivity. We hope that the market could see that. It’s just a matter of time when the property values will reflect the advantages of the connectivity and centrality that the Ortigas business district affords to residents and investors alike,” Ysmael explained.
Beyond benefiting from the centrality and accessibility of Ortigas, a host of other reasons aptly shows why Residences at The Galleon commands such a price in the market today.
For one, this upscale high rise is one of the two towers that will comprise The Galleon, the only mixed-use structure in Ortigas Center that seamlessly combines its office, retail and residential facilities.
What this spells is a kind of convenience unparalleled in the district as you’ll have a home that is near all modern necessities, retail and dining outlets thanks to the retail podium within the complex, institutions and establishments.
Indeed, the Residences at The Galleon is a game changer in Ortigas as it aptly captures the essentials and whims of the modern urban dweller, rightfully stirring a revolution right in the heart of the metro.
“The retail podium is quite exciting as we intend to ensure that the mix of retail offerings will cater to its target market. We’ll curate offerings to ensure that we offer the kind of lifestyle we promised to our residents as well as our office market,” Ysmael further added.
Within the confines of the Residences at The Galleon, future residents will get to revel in exquisite finishes and world-class amenities that further lend elegance and sophistication to this tower—on top of a modern, mindful architecture, landscaped, pedestrian-friendly sidewalks and light, airy lobby that will welcome you to your sanctuary. A state-of-the-art building management system and smart home features that offer the ease of being able to check on your homes via an app further amplify the exceptional lifestyle that can be had at Residences at The Galleon.
Upon turnover of units in 2028, the residential tower of The Galleon will feature a mini-theater, a game room, swimming pool, gym, sauna room, as well as manicured, landscaped pockets of spaces that will offer residents enough breathing space in an urban landscape.