Ortigas Land Corp., which is now majority owned by two of the country’s largest property developers, is preparing to go public in five years.
Ortigas Land president and chief executive Jose Emmanuel Jalandoni said in a recent interview the company was looking at either an initial public offering or real estate investment trust offering to fund expansion plans.
“It is going to be a capital market event, either an IPO or REIT. We will decide at that point in time,” Jalandoni said.
Ortigas Land, formerly Ortigas & Co Limited Partnership, has built master-planned developments for over 90 years. In 2014, Ayala Land Inc. and SM Prime Holdings Inc. finalized a deal to acquire a majority stake in the company.
It owns strategic land bank in the Ortigas central business district, Greenhills Shopping Center, Tiendesitas in Frontera Verde, Circulo Verde and Capitol Commons.
Jalandoni said the group was beefing up its residential, office and shopping mall businesses.
He said the company would open a new phase within the Greenhills Shopping Complex in San Juan City in 2023.
The new phase includes a new office building with 40,000 square meters of leasable space and retail area with 50,000 sq. m. This will increase the property’s leasable space by 40 percent.
Ortigas Land has been redeveloping its crown jewel, Greenhills Shopping Complex, to transform it into a modern mixed-use estate.
“We will have to upgrade the whole Greenhills,” Jalandoni said.
He said Greenhills would retain the “tiangge” area, one of the most popular sites within the complex.
Jalandoni also reported plans to add two more estates in its portfolio and double its revenues in the next five years.
He said the company’s businesses began to recover from the pandemic and matched pre-pandemic levels because of more relaxed mobility restrictions.
“We are encouraged with the recovery that we are seeing. Overall, we are at pre-pandemic levels,” Jalandoni said.