The Galleon will rise along ADB Avenue in Ortigas Center.

ORTIGAS & Co. is holding off plans for an initial public offering (IPO) at least until 2024.

“It’s premature to talk about that right now because if you look at our five-year plan, a lot of it is really internally financed,” Jaime E. Ysmael, president and chief executive officer of Ortigas & Co., told reporters after a recent briefing.

The developer of Greenhills Center earlier said it was allocating around P12 billion for capital expenditures this year. The bulk or P11 billion will be used to develop a mixed-use project called The Galleon, located along ADB Avenue in Ortigas Center.

“We’re just looking at using our balance sheet as well as pre-selling and existing rentals or development proceeds to fund our expansion program and we can actually do it without having to do any capital market issue,” Mr. Ysmael said.

The property firm, which is controlled by the Ayala, Sy and Ortigas families, had previously floated the idea of going public to raise funds for its projects.

Mr. Ysmael said Ortigas & Co. is looking to spend around P12 to P15 billion in capex for the next five years, as it ramps up expansion.

“I think in the next couple of years, we’ll see P12 to P15 billion in capex, for the next five years as we pursue expansion plans,” he said.

“We can finance our requirements so there is really no reason why we should look at the market exercise,” he added.

Mr. Ysmael said the company, like other developers, is studying the possibility of conducting an IPO but “no plans.”

Last week, Ortigas & Co. launched The Galleon, which will be developed in two phases. The first phase, an office building, is expected to be completed by the fourth quarter of 2025.

The residential condominium is scheduled to be launched early next year. — Vincent Mariel P. Galang

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