Ortigas & Company, a joint venture of Ortigas group, SM Prime Holdings and Ayala Land Inc., said it will invest P6.3 billion to build a new integrated regional mall within Greenhills Shopping Center in San Juan.
Ortigas & Company president and chief executive Jaime Ysmael said in a news briefing the new mall would be a part of the P60-billion Greenhills redevelopment featuring a new retail format and integrating popular global and local brands with Greenhills’ trademark ‘tiangges.’
Under the plan, the new seven-story mall will have 100,000 square meters of leasable space that will house 150 global lifestyle brands and about 2,000 ‘tiangge’ stalls. A three-level basement parking would also be built to accommodate 1,300 vehicles.
“This retail project is a showcase of what the public can expect from the new Greenhills. We are taking the shops and concepts we have now and bringing those to a whole new level that both customers and tenants will enjoy,” Ysmael said.
The new mall, expected to open by the third quarter of 2021, forms part of the 15-year Greenhills redevelopment plan.
The Greenhills multi-phase redevelopment involves the construction office towers, residential condominiums, hotel and retail developments that will transform the property into a integrated mixed-use development.
Ysmael said upon completion of the redevelopment, Greenhills would have 1 million square meters of gross floor area, or more than double the property’s current GFA.
Greenhills has been the crown jewel of Ortigas family over the past several years and has been patronized by budget and quality conscious consumers because of the ‘tiangges’ that sell cell phones, clothes and bags .
Ysmael said with the planned redevelopment, he expected foot traffic in the area to further increase as new concepts were introduced.
