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.