Ortigas Land is optimistic about its prospects moving forward as the country emerges from the effects of the new coronavirus disease 2019.
Ortigas Land’s mixed-use project in the Ortigas central business district (CBD), The Galleon, anticipates strong takeup with revenge investments in the coming year given the project’s key features and the strong performance of other properties in the developer’s portfolio.
Jose Emmanuel Jalandoni, Ortigas Land president, said the company is seeing “returning market interest in property following relaxing restrictions as the economy recovers.”
Jalandoni cited a Colliers report which said that for the first nine months of 2022, residential condo takeup increased to a total of 14,900 units, outpacing 2021’s full year figures.
He also cited a CBRE report that noted local office space vacancy dipped in the third quarter of the year, hinting at increased office transactions as the country lowers restrictions post-pandemic.
‘Market insights on investments validate Ortigas Land’s prioritization of increased sustainability and community development, even before the pandemic, for its new projects.’
“Market insights for investments also validate our prioritization of increased sustainability and community development, even before the pandemic, for our new projects,” Jalandoni said.
The Galleon is Ortigas Land’s two-tower, mixed-use development strategically situated on ADB avenue.
Offices at The Galleon tower is eyed to have 31 floors with food and retail establishments on the first two levels of the building, and will have five levels of basement parking.
Unit sizes for office spaces range between 75 and 767 square meters (sq.m.).
Residences at The Galleon is a 51-floor tower with 43 residential floors, one amenity floor, five floors of podium parking, two floors of podium retail and 43 retail units.
Each floor is planned to have just 12 units, from one-bedroom, two-bedroom and Penthouse units spanning 69 to 411 sq.m.
“The masterplanned project boasts stylish, luxurious finishes and upscale amenities for residential, office, and retail spaces. Equipped with built-in smart home systems and high-speed fiber connectivity, The Galleon is also set to future proof and enhance the living experiences of its prospective tenants,” Ortigas Land said in a statement.
Jalandoni said accessibility is still seen as a strong driving force for investments in property whether for office, retail, or residential.
“With Ortigas Center highly accessible at the midpoint of Metro Manila, investors will also benefit from key infrastructure projects such as the BGC-Ortigas Center Link Road project, the Rockwell Bridge and the Metro Manila Subway project set to improve connectivity to other CBDs,” he said.
”Investors will benefit from The Galleon’s strategic location right at the heart of the Ortigas CBD with the upcoming developments in infrastructure surrounding Ortigas. Being situated in the heart of Ortigas Center also puts The Galleon in an ideal position for capital appreciation as property prices are still a fraction of the costs in other CBDs,” he added.
Offices at The Galleon is expected to be turned over by the fourth quarter of 2026 while Residences at The Galleon will be turned over by the fourth quarter of 2028.
