in the news: oclp (05 jun 2013)
Ortigas looks to residential sector for long-term growth
By Neil Jerome C. Morales (The Philippine Star) | Updated June 5, 2013 - 12:00am
MANILA, Philippines - Ortigas & Co., one of the oldest property developers in the country, is banking on the residential sector for long-term growth prospects.
In the next 10-15 years, the property firm said residential business will account for 50 percent of its business, supported by a P68-billion capital spending for numerous projects.
“In about 10 years, we hope to have a better mix at 50-50. We hope to increase income contribution from development projects to 50 percent,” said Joey Santos, general manager of the real estate division of OCLP Holdings Inc.
“Right now, our income is still heavily on retail,” Santos said, adding that the retail segment accounts for 70 percent of the company’s business.
OCLP Holdings earlier outlined its P68-billion spending for several mixed-use projects in Metro Manila in the next 10-15 years.
