MANILA -- Property developer Ortigas & Company has earmarked PHP12 billion for its capital expenditures (capex) this year to support continued expansion.
“That will be all be funded again by internally generated funds, some borrowings,” Ortigas & Company President and Chief Executive Officer Jaime Ysmael told reporters on Wednesday.
Ysmael said the company’s capex reached PHP9 billion last year.
The company will launch this month The Galleon, a mixed-use, two-tower property which will soon rise in the Ortigas Center and will offer office, retail, and residential spaces. It is targeted to be completed by the fourth quarter of 2025.
The first tower to be introduced to the market will be the office building which will provide spaces to meet the needs of businesses, whether multinational companies, conglomerates or professional firms.
The Galleon is the most recent addition to the growing office portfolio of Ortigas & Company which comprises The Glaston Tower and Silver City in Ortigas East, the Ortigas Building and the IBP Tower in Ortigas Center, and the Offices at Estancia in Capitol Commons.
Meanwhile, Ysmael also bared plans to increase the company’s capital spending over the next few years.
“We see PHP12 billion to PHP15 billion in capex for the next five years as we pursue expansion plans,” he added. (PNA)
