ORTIGAS Land Corp. on Thursday launched its 52-storey mid-market residential tower at the Ortigas Center called Olin at Jade Drive, which it aims to complete in the next six years.
“This newest development is very exciting for us as this launches our venture into the mid-market segment within the Ortigas CBD (central business district),” Ortigas Land Assistant Vice-President and Residential Business Unit Head Jenna J. Belardo said in a statement.
In a press briefing, Ms. Belardo said that OIin at Jade Drive is in a “strong” location due to its accessibility to public transportation in the area.
“It is very much accessible. It is about an eight- to 15-minute walk through major transport hubs like the MRT and the future subway station,” Ms. Belardo added.
The property will offer about 1,245 units within 43 floors of the residential areas of the building. It will also offer one floor as a retail section for essential goods and services.
Residential units will be split between 1,031 studio units ranging from 19 square meters (sq.m.) to 25 sq.m., and 214 one-bedroom units ranging from 32 sq.m. to 36 sq.m.
Ms. Belardo said the price of the units ranges from about P6 million to P7 million for studio units, and about P9 million to P10 million for one-bedroom units.
The company expects about P8 billion in total unit sales from the property, she added.
“Olin at Jade Drive will offer flexible payment terms for up to 72 months, suitable for those interested in finding a home or valuable real estate investment within Ortigas Center,” the company said.
During its priority selling launch in April, the company sold about 43% of its total inventory, or 536 units with a total price of P4.3 billion.
To date, the company has sold about 54% or 671 units with a total value of P5.5 billion.
Ms. Belardo said the company’s capital spending for the residential building is about P3 billion, excluding the amount for the purchase of land.
The building will also house a co-working area as the location is geared towards young professionals in adjacent offices and students in nearby academic institutions.
Amenities for residents will include a gym, garden, lounges, pools, and function hall “to cater to the modern city dwellers’ needs.”
The tower will also house seven podium parking levels and two basement parking with 318 total parking units available.
Ortigas Land expects to turn over its mid-market property by the latter part of 2029. — Adrian H. Halili