MANILA, PHILIPPINES | Wednesday, March 16, 2005
Ortigas and Company to put up new mall in Pasig City
By ROULEE JANE F. CALAYAG, Reporter
Ortigas and Company Limited Partnership, together with three major tenants, will spend P1.5 billion for its 18.8-hectare mixed-use commercial project Frontera Verde (Green Edge) in Pasig City.
Rex C. Drilon II, the company's chief operating officer, said the company would contribute the land and a three-hectare retail development worth around P200 million to P250 million to the project.
"The rest will come from other locators. The SM Group will invest P500 million; the MC Mall, Inc. will put in P700 million; and [Pilipinas] Shell, over P100 million," Mr. Drilon said.
Frontera Verde's 18.8-hectare site is bound by Ortigas Avenue, Julia Vargas Avenue, and the E. Rodriguez Avenue (C-5) in Pasig City.
The first to be put up at the site will be the Tiendesitas (small stores), which Ortigas and Company will unveil in May. Its Greenhills Shopping Center Group will manage the project, dubbed to be an improved Philippine version of the famous Chatuchak Weekend Market in Bangkok, Thailand.
"We want to unload our land bank fast. Since we are paying P12 million in taxes yearly for the land, we thought we might as well do something with it. By the end of 2006, we hope that Tiendesitas will be substantially built up and have it opened until perhaps 2 am," Mr. Drilon said.
The target markets for Tiendesitas will be A, B and upper C. "It will be like Greenhills, where 55% of our market consists of A, B and upper C," Mr. Drilon said. "It will also generate thousands of jobs."
Joey F. Santos, general manager of Greenhills Shopping Center, said the Tiendesitas would be a permanent place for small entrepreneurs, especially those from the provinces, to display their crafts and expertise.
"We want to showcase what is Filipino by giving small entrepreneurs a permanent outlet through Tiendesitas. Although we are cautious in getting elements, we believe that we have enough retailers. There will be 700 merchants to start with. It will be a taste of home," he said.
INCUBATING PROMISING ENTREPRENEURS
Mr. Drilon said his company would want to continue incubating promising entrepreneurs in Tiendesitas. Greenhills Shopping Center is where big brands such as Bayo, Kamiseta, and Toby's started.
Trina R. Chan, Ortigas sales and marketing manager, also said Frontera Verde would be an alternative venue for families, with the three-hectare Tiendesitas flea market as its anchor.
"Tiendesitas will feature an antiques village, a pets and plants village, a wet and dry goods village, and there will also be different food specialties from the provinces," Ms. Chan said.
Cathy Casares-Ko, head of Ortigas' real estate division, added that the company carefully planned Tiendesitas and other facets of the mixed-use commercial development.
"We spent one year in conceptualizing the development. It is a well thought out project that ensures a place for everyone," she said.
Shell had a soft opening for its first 5,000-square meter gas station in November last year.
SM will also build at the site a two-hectare hypermart -- a combination department store-supermarket. This will be the first time that SM subsidiaries such as Watson's, Ace Hardware, Toy Kingdom, and Our Home, will set up shop outside of SM malls. A Banco de Oro bank will also be put up.
MC Mall, the group behind MC Home Depot and the Fort Strip in Fort Bonifacio, will develop around five hectares for a medical mall, a fusion mall for electronics, and an auto mall.
Ortigas and Company to put up new mall in Pasig City
By ROULEE JANE F. CALAYAG, Reporter
Ortigas and Company Limited Partnership, together with three major tenants, will spend P1.5 billion for its 18.8-hectare mixed-use commercial project Frontera Verde (Green Edge) in Pasig City.
Rex C. Drilon II, the company's chief operating officer, said the company would contribute the land and a three-hectare retail development worth around P200 million to P250 million to the project.
"The rest will come from other locators. The SM Group will invest P500 million; the MC Mall, Inc. will put in P700 million; and [Pilipinas] Shell, over P100 million," Mr. Drilon said.
Frontera Verde's 18.8-hectare site is bound by Ortigas Avenue, Julia Vargas Avenue, and the E. Rodriguez Avenue (C-5) in Pasig City.
The first to be put up at the site will be the Tiendesitas (small stores), which Ortigas and Company will unveil in May. Its Greenhills Shopping Center Group will manage the project, dubbed to be an improved Philippine version of the famous Chatuchak Weekend Market in Bangkok, Thailand.
"We want to unload our land bank fast. Since we are paying P12 million in taxes yearly for the land, we thought we might as well do something with it. By the end of 2006, we hope that Tiendesitas will be substantially built up and have it opened until perhaps 2 am," Mr. Drilon said.
The target markets for Tiendesitas will be A, B and upper C. "It will be like Greenhills, where 55% of our market consists of A, B and upper C," Mr. Drilon said. "It will also generate thousands of jobs."
Joey F. Santos, general manager of Greenhills Shopping Center, said the Tiendesitas would be a permanent place for small entrepreneurs, especially those from the provinces, to display their crafts and expertise.
"We want to showcase what is Filipino by giving small entrepreneurs a permanent outlet through Tiendesitas. Although we are cautious in getting elements, we believe that we have enough retailers. There will be 700 merchants to start with. It will be a taste of home," he said.
INCUBATING PROMISING ENTREPRENEURS
Mr. Drilon said his company would want to continue incubating promising entrepreneurs in Tiendesitas. Greenhills Shopping Center is where big brands such as Bayo, Kamiseta, and Toby's started.
Trina R. Chan, Ortigas sales and marketing manager, also said Frontera Verde would be an alternative venue for families, with the three-hectare Tiendesitas flea market as its anchor.
"Tiendesitas will feature an antiques village, a pets and plants village, a wet and dry goods village, and there will also be different food specialties from the provinces," Ms. Chan said.
Cathy Casares-Ko, head of Ortigas' real estate division, added that the company carefully planned Tiendesitas and other facets of the mixed-use commercial development.
"We spent one year in conceptualizing the development. It is a well thought out project that ensures a place for everyone," she said.
Shell had a soft opening for its first 5,000-square meter gas station in November last year.
SM will also build at the site a two-hectare hypermart -- a combination department store-supermarket. This will be the first time that SM subsidiaries such as Watson's, Ace Hardware, Toy Kingdom, and Our Home, will set up shop outside of SM malls. A Banco de Oro bank will also be put up.
MC Mall, the group behind MC Home Depot and the Fort Strip in Fort Bonifacio, will develop around five hectares for a medical mall, a fusion mall for electronics, and an auto mall.
