DUBAI: As Ortigas & Co. celebrates its 85 years, there appears to be nowhere to really go but up for the Philippines pioneer real estate. As Jaime E. Ysmael, Chief Executive Officer and President of Ortigas & Company, Limited Partnership (OCLP) puts it, for 85 years the real estate firm “has been building great places for life.”
“We are and should continue to aspire to be great builders,” he said. “And building ‘for life’ means more than building for today, it means building so that people can truly live a richer life, filled with everything that today’s consumers expect and ready for the needs of the future.,” he added. Eighty-five years in the real estate business “is no easy feat,” said Thomas Mirasol, Senior VP and Chief Operations Officer.
“In those 85 years, Ortigas & Company has built landmarks that have been part of the Philippines’ history and of the lives of generations of Filipinos. We are excited to continue and build on this legacy that has sustained Ortigas & Company for more than eight decades,” he said. Ortigas & Company, Limited Partnership develops and builds residential, business, and commercial properties in the Philippines.
Its project portfolio includes residential subdivisions, shopping complexes, hospitals, schools, churches, army camps, and golf and country clubs.
History
It was formerly known as Ortigas, Madrigal y cia., S. en C. and changed its name in 1956. The company was founded in 1931 and is based in Pasig, the Philippines. The Ortigas Center today was what the Hacienda de Mandaloyon, which originally formed part of the estate holdings of the Augustinian Order.
The property covered an area of 4,033 hectares. On January 20, 1920, the Augustinian Fathers sold this property to Dr. Frank W. Dudley and Don Francisco Ortigas. Dr. Dudley later surrendered his interest to Phil C. Whitaker, and the company became known as Whitaker and Ortigas. In the following years, there were several changes of partners. Then, on July 10, 1931, the company was incorporated “Ortigas, Madrigal y cia., S. en C.” as a limited partnership by shares (sociedad comanditaria por acciones).
The parties to the partnership were Francisco Ortigas (Don Paco), Vicente Madrigal, B.C.M. Johnston, Fulgencio Borromeo, Clyde A. Dewitt and Manuel L. Quezon. All the incorporators, except Quezon, who was President of the Philippine Senate at that time, were constituted as managing and general partners (socios gerentes colectivos) while the other shareholders were designated limited partners (socios comanditarios).
The objective of the partnership was to acquire the Hacienda de Mandaloyon, which spanned the municipalities that are now known as Mandaluyong, San Juan, Pasig & Quezon City. The Estate was to be disposed of either in large tracts or developed subdivided lots.
Present-day
The company’s current portfolio includes developments namely, Circulo Verde, Frontera Verde, Capitol Commons, Greenhills Shopping Center Tiendesitas, Industria at Circulo Verde, and Estancia at Capitol Commons.
Capitol Commons, the epitome of a pioneering real estate firm that has come full circle, is a 10-hectare mixed-use development located along Meralco Ave. corner Shaw Blvd. Ortigas Center, Pasig City (Former Rizal Provincial Capitol) that features modern living spaces, office facilities, and commercial areas that showcase premium retail and entertainment selections. Estancia, set to be Capitol Commons’ top-notch retail facility, will house a collection of fine international fashion brands and destination retailers.
