Ortigas eyes P6-B sales from luxury condo project

by Jon Carlos Rodriguez, ABS-CBNnews.com

Posted at Feb 26 2014 04:17 PM | Updated as of Feb 27 2014 12:17 AM

MANILA, Philippines – Property developer Ortigas & Co. is expecting to generate P6 billion in sales from its luxury residential condominium project Imperium at the Capitol Commons in Pasig City.

Imperium, which was launched on Wednesday, is the firm’s latest pre-selling project in the 10-hectare mixed-used development in Pasig.

“For Imperium, we are projecting about P6 billion in total sales. We are spending about P1.5 billion in capital expenditures, that’s our cash flow budget for the year equally divided in the residential and commercial center projects,” Ortigas & Co. Real Estate Division general manager Joey Santos told reporters at the launch.

Ortigas & Co. Real Estate Division general manager Joey Santos

He added that the Imperium project costs about P4 billion.

Ortigas & Co. is funding the project through short-term loans and internally generated funds.

The target date of completion for Imperium is 2019.

Also, Santos said the developer is spending about P15 billion capital expenditures for its commercial and residential projects in the next 7 years.

'Power to rule'

Santos described Imperium, which came from the Latin phrase “power to rule,” the “king of residential condos” in Capitol Commons.

“It will be the most high-end among all residential projects that we will build here in Capitol Commons,” he said.

The residential tower has a total of 226 units in 58 residential floors, with only four two- or three- bedroom units to a floor.

The units range from 100 to 200 square meters and cost around P16 million to P37 million.

Its units feature beamless ceilings and trapezoidal canted windows to give its owners a view of the Capitol Commons Park and the Ortigas skyline.

“Your normal condo building has windows that are flat against the façade of the building. In Imperium, we angled the windows slightly and that gives unit owners a better view of the space,” said Santos.

The units also come with air-conditioning and water heating system.

“When you move in, we’d like to think that you don’t have to do anything anymore. Just move in your furniture and it’s ready to be occupied,” Santos said.

The building also features an infinity edge pool, fitness facility, function rooms, lounge area, and a 120-seater mini theater with recliner chairs.

Imperium is the second luxury residential tower in Capitol Commons after The Royalton, which is currently under construction with a partnership with DMCI.

Capitol Commons

Aside from residential condominium buildings, Capitol Commons will also house commercial and entertainment centers in the next few years.

A high-end mall called Estancia carrying international fashion brands is expected to open this year while the second branch of Unimart is expected to open in the first quarter of 2016.

A state-of-the-art entertainment center called Paragon will open in the first quarter of 2017.

Capitol Commons also houses Black Olive, Starbucks, Tipsy Pig, and Nomama. Another restaurant, Sentro 1771, will open by April 2017.

Ortigas & Co. is also the developer behind Greenhills Shopping Center and the Greenhills Subdivisions, Greenmeadows, Valle Verde, Circulo Verde, and Frontera Verde, which houses Tiendesitas.