Property developer Ayala Land Inc. said Tuesday it will spend P25 billion from 2016 to 2018 to complete the initial phase of the 46-hectare Vertis North project in Quezon City.
Ayala Land senior division manager for strategic land bank management group Jay Teodoro said the company would complete the construction of a shopping mall, three residential towers and three office buildings in the next three years.
Teodoro said by the end of 2016, Ayala Land would open Vertis North Mall, which would offer 45,000 square meters of gross leasing area, and the first tower of the Vertis North Corporate Center.
Teodoro said Vertis North Mall would be similar to Greenbelt in Makati City and would not compete with Trinoma, Ayala Land’s flagship mall located in the same area.
Ayala Land will open the 438-room Seda hotel in 2017, becoming the biggest Seda hotel launched by the property firm, the second Vertis North Corporate Center and two residential towers by Avida Land.
The property firm will turnover the third residential tower of Avida Land and the third office project by 2018.
The development of Vertis North project is expected to accelerate after the National Housing Authority signed an agreement with majority of the informal settlers in the area in December.
Under the agreement, the informal settlers agreed to voluntarily relocate to two relocation sites being offered by the government. The relocation sites are slated for completion by 2016 and 2017.
Meanwhile, Avida Land, the affordable housing unit of Ayala Land, also launched Avida Towers Sola, a two-tower residential development within Vertis North with total sales value of P3.8 billion.
The first tower will offer 1,004 units offering one-bedroom, two-bedroom and three-bedroom units. Unit sizes range from 22 square meters to 61 square meters at a starting price of P2.6 million.
Avida Land corporate group planning head Raquel Cruz said the company launched Avida Sola after the group was able to sell out the first residential development, a three-tower condominium project called Avida Towers Vita.
“The first tower was more than 90-percent sold in three months which triggered the launch of two succeeding towers. All three towers of the development were launched within nine months and are almost sold out in less than three years,” Cruz said.
Cruz said property values have risen 8 percent in Vertis North since the launching of the project.
“We expect values for Avida Towers Sola to rise at about the same rate. Values will rise continually as Vertis North completes development,” Cruz said.