Developer Ortigas Land expects to generate P16 billion from its latest residential project, Residences at the Galleon, amid a plan to launch three projects this year.
Jaime Ysmael, Ortigas Land president, said the company is allocating P15 billion as capital spending for its new launches as well as its ongoing projects as the company expand its projects through its five estates — Greenhills, Ortigas Business District, Ortigas East, Circulo Verde and Capitol Commons.
The launch of the Residences at the Galleon, located in Ortigas Center, follows the launch of the Offices at the Galleon. These two form part of the company’s The Galleon project.
Residences at the Galleon is part of the second phase of The Galleon, a two-tower mixed-use development consisting of office, residential and retail spaces.
The first phase, Offices at the Galleon, was eyed to generate P14 billion in sales when it was launched in October last year. It generated P8.8 billion in sales in the first eight hours of being opened for sale, said Jenna Belardo, assistant vice president for property sales and estate.
Residences at The Galleon will consist of 51 floors with 43 residential floors, one amenity floor, five floors of podium parking, two floors of podium retail and 43 retail units.
The project is primarily targeted towards property investors.
The Residences at the Galleon is located along ADB Avenue in Ortigas Center, offering “convenience and accessibility for its residences with its close proximity to EDSA and Ortigas Avenue,” the company said.
The project is set for turnover by 2028.
