Ortigas & Co. sets P12-B capex for 2019

Property developer Ortigas & Co. has allotted P12 billion to capital expenditures this year to finance expansion initiatives.

“Our capex for the year is about P12 billion for all of our requirements for the year ... Last year was only about P9 billion,” Ortigas & Co. president and CEO Jaime Ysmael told reporters at a news briefing in Pasig City on Wednesday.

“That would all be funded by internally generated funds and some borrowings,” Ysmael noted.

Among the major projects to be launched this year is the P11-billion mixed-used “The Galleon” in Ortigas Center along ADB Avenue, offering office, retail, and residential spaces

The project will be launched on July 21, 2019 and is targeted to be finished by fourth quarter of 2025.

“As the demand for high-quality office spaces continues to rise, we are confident that this property will be able to offer something new to investors who place a premium on convenience, accessibility, sustainability, and the prestige to claim their own piece of Ortigas Center,” Ysmael said.

In the next five years, Ortigas & Co. is looking at a capital expenditure program of around P12 billion to P15 billion.

“We see P12-P15 billion in capex over the next five years as we pursue our expansion plans,” Ysmael said. —VDS, GMA News