By Jenniffer B. Austria | Sep. 02,
2015 at 11:45pm [ manilastandardtoday.com]
Property developer Ayala Land Inc.
said Wednesday it will invest P70 billion to develop Vermosa, a 700-hectare
master planned integrated community in the cities of Imus and Dasmariñas in
Cavite province.
Ayala Land vice president and head of
strategic land bank management group Anna Margarita Dy said in a news briefing
the huge property, which the company acquired from an unlisted property firm
three years ago, would be its fourth biggest estate development after Nuvali in
Alabang, Alviera in Pampanga and Makati central business district.
Vermosa is a mixed-use project that
will be developed over the next 12 to 15 years that will include 124-hectare
central business district housing various office and commercial developments,
hotels and entertainment complex.
It will also offer institutional
developments such as schools and residential projects to be built by Ayala’s
three residential units including Avida, Alveo and Ayala Land Premier.
Ayala Land Premier started selling its
first residential development in Vermosa called The Courtyards last year.
The company said since launching phase
1 of the The Courtyards with 431 units, it already sold P5 billion worth inventories.
Dy said once fully developed, Vermosa
would have 3.5 million square meters of built up era with 30,000 residents and
500,000 workers.
Vermosa, dubbed as future city, will
redefine suburban living by providing a pedestrian-focused environment.
Dy said 164 hectares or 24 percent of
the entire development would be set aside for open space, including parks and
gardens.
Ayala Land will also build a 50-meter
olympic size swimming pool, a 400-meter track and field and a sports science
club that will be open to the public and will be managed by industry
professionals.
Phase 1 will involve capital spending
of P23 billion over the next five years. These will include development of
10,000 square meters of retail space, the sports and lifestyle activities and
The project was timely launched after
the recent opening of the Muntinlupa-Cavite Expressway connecting Daanghari to
South Luzon Expressway. Dy said with MCX, travel time between Makati to Cavite
will be reduced by 30 percent to just 55 minutes during peak hours.
Ayala Land president Bernard Vincent
Dy said the property firm would continue
to focus on building large scale mixed-use developments strategically located
in the country’s emerging growth centers.
Vermosa is the third estate to be
launched by Ayala Land this year. The two others were Cloverleaf in Balintawak
and Capital Central in Bacolod.
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