MANILA, Philippines - As the Ayala and SM groups continue to tussle over a possible joint venture with Ortigas & Co., the property developer doesn't believe having a strategic partner is important in growing its business.
"Under our current business plan, we can do it ourselves. We've been doing it. The suppliers of credit are eager to help us. We have a pretty solid balance sheet in the next five years, even without a strategic partner, these things can be done," Ortigas & Co senior vice president and chief finance officer Emmanuel Rapadas said.
Ayala Land and SM Investments Corp. are both in discussions with different factions of the Ortigas family over a possible partnership. Ignacio Ortigas' group sided with Ayala, while the Francisco Ortigas-led faction is allied with SM.
Rapadas said the two factions will have to resolve the issue among themselves before making a decision on a partnership with any group.
"It is still status quo. Nothing has happened. The two families are still negotiating with no timetable set," he said.
Meanwhile, Ortigas is focusing its efforts on new projects to boost its real estate sales and rental revenues.
This year, the property firm is planning to build two office buildings, mainly for business process outsourcing companies, in its Frontera Verde complex.
Ortigas will also undertake improvements at Tiendesitas.
Rapadas said the company is promoting Viridian, the first condo tower inside the Greenhills shopping complex and Royalton, a condo development at the Capital Commons in Pasig.
He expects real estate sales to account for 60% of total sales, and the rest from rental income.