Building on a Legacy of Quality
According to Jaime Ysmael, president and CEO of Ortigas & Co., a pioneer in up-market property development, “The luxury real estate sector will keep growing at its current pace.” With about $4 billion of mixed-use schemes in key locations, Ortigas & Co. has spent more than 87 years building groundbreaking multi-use projects. Now, the country’s two biggest property groups, Ayala Land and SM Prime Holdings, are partnering with Ortigas & Co. to move it forward. “Their best practices have been brought in, the business model is right and 2017 was a good year,” notes Ysmael.
That year saw Connor, a 55-storey luxury residential development, go on sale. “In ten hours we sold over 51% of the units. It was perfect for the location, timing, pricing and unit configuration,” he explains; “This year, we launched our first office building for sale. We sold 81% on the first day, generating $120 million for about 288 units. We were floored!” In addition to its sales income, Ortigas & Co. is increasing its recurring income base through a shopping mall expansion program. It is extending its Estancia mall and redeveloping its 16-hectare Greenhills complex. “We are accelerating the pace of our developments, primarily in Metro Manila for now,” says Ysmael; “Ortigas & Co. has a legacy of quality developments that were ahead of their time and have stood the test of time. We would like to continue drawing on that legacy of success.”
Jaime E. Ysmael, President and CEO, Ortigas & Company