MANILA, Philippines - Property giant Ayala Land Inc. is spending P15 billion for phase one of its P65-billion large-scale mixed-use urban complex, Vertis North, which is touted to be the central business district of Quezon City and the regional gateway to the north.
In a briefing yesterday, ALI president Antonino Aquino said the first phase will bring to the market three new high-rise residential towers, two high-rise office buildings, a lifestyle mall that will house 200 stores and a Seda Hotel within an eight-hectare area.
This initial phase is seen to boost the group’s recurring income as it will provide more than 200,000 square meters of GLA.
The first residential development to rise in Vertis North, Avida Towers, will make available a total of 2,067 units with prices ranging from P2.1 million to P7.8 million. The first two towers are almost sold out and are targeted for turnover to buyers in 2016 and 2017.
Stacked above the retail component, the office buildings will have a total of 103,859 sqm of gross floor area with each building having about 20 levels. Tower 1 will start construction this quarter and is slated for completion in the middle of 2016 while tower 2 is ready for turnover to tenants by the second quarter of 2017.
Estimated to cost about P3.5 billion, the mall will have a gross leasable area of 45,000 sqm, inclusive of an anchor department store and supermarket and four cinemas. It is targeted to be completed by the third quarter of 2016.
With 438 standard rooms and suites, Seda Vertis North will be the largest Seda Hotel when it opens in 2017. Its target market includes discerning business and leisure travellers.
Vertis North is situated on a 29-hectare property right beside Trinoma contributed by the state-owned National Housing Authority in exchange for a share of development proceeds. The project will be developed over a period of 10 to 15 years.
Construction of Phase 2 may take place in the next five years, bringing in four new buildings.
Aquino said the company would be using the latest technology in stoma water management to help in reducing the occurrence of flooding.
Aside from this, ALI, in partnership with the government, will develop an inter-modal transportation hub within the area that aims to integrate bus systems with elevated railways under the Metro Railway Transit system.