Property giant Ayala Land Inc. broke ground on the commercial phase of the company's newest flagship development, the 29-hectare Vertis North complex in Quezon City, where it plans to invest P65 billion over the next 10 years.
The company said the commercial phase will involve eight hectares at a cost of P15 billion.
The block will include two high-rise office buildings, a 50,000-square-meter retail complex, a hotel and three residential towers under the affordable Avida brand.
"As far as Quezon City is concerned, this will be our most important development. This is where we started," ALI president Antonino Aquino said during a press briefing on Wednesday.
Aquino was referring to the Trinoma shopping mall located beside Vertis North, which was ALI's first major foray into Quezon City. The company is best known for developing the Makati City financial district and more recently, Bonifacio Global City in Taguig.
The commercial phase, meanwhile, is expected to open between 2016 and 2017, the company said. It will incorporate several features in its other mixed-use developments.
The retail area, for example, is expected to be a "denser version" of Bonifacio High Street in Bonifacio Global City, Aquino said. Office buildings will also expand the company's footprint in the business process outsourcing industry, he said with each of the two towers providing about 40,000 square meters of leasable area.
The hotel will be named Seda Vertis North and will be ALI's largest Seda hotel with 438 rooms.
"It is going to be a city-center type of hotel," Aquino noted.
He added that the company may ramp up the launch of residential towers given the good take-up for Avida Towers Vita.
The company has already launched two out of three towers this year for Avida Towers Vita, where unit prices range from P2.1 million to P7.8 million. Aquino said the first two towers are almost fully sold out and they may launch the third tower this year.
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