Property Developer Ortigas & Co., Ltd. Partnership has closed a deal with its subsidiary that would allow it to foray into areas outside Ortigas.
In a disclosure, Concrete Aggregates Corp. said it closed the sale of its 12.47-hectare Quezon City lot to Ortigas & Co.
The acquisition of the P1.13-billion property, located in Bagumbayan, Quezon City, paves the way for Ortigas & Co.’s plan to develop projects outside Pasig and San Juan.
“We’re still in the process of developing the master plan, but initial thoughts have us tap architectural firm RTKL Associates, Inc. to design the community,” Chief Operating Officer Rex C. Drilon II told BusinessWorld.
Mr. Drilon said the property — the purchase of which was announced last year — would be converted into a mid- to high-rise residential community that would be “like an oasis in the city surrounded by water.”
Located at Calle Industria, Longos, Bagumbayan, Quezon City, the property is near the Marikina River, which the company, Mr. Drilon previously said, would like to harness and use to its advantage.
“Some people look at it as a problem but we look at it as an opportunity. We will be the only 21st century residential community with a beautiful water facility for recreation. As you know, Marikina River goes up and down depending on the season, but we’ll make sure we’re harnessing the water as part of the attraction of the property,” he said last year when the firm announced the acquisition.
Mr. Drilon said the property is actually part of the Ortigas’ original 4,000-hectare area that extends from Pasig in the South, to Marikina River in the East; Diliman in the North and New Manila in the West.
When developed, Mr. Drilon added, the property can house 5,000 units with around 25,000 residents that “is big enough for a small barangay.”