MANILA, Sept. 2 (PNA) — Real estate giant Ayala Land, Inc. (ALI) earmarks Php70 billion to put up a mixed-use development in Cavite.
ALI launched on Wednesday Vermosa, its fourth largest land development with a total land area of 700 hectares, targeted to be completed in 12 to 15 years.
ALI President Bernard Vincent O. Dy said the company eyes Vermosa as a new master-planned community in Cavite which will include a central business district (CBD) housing various business and commercial establishments, hotels, shopping, entertainment, dining, academic institutions as well as medium to high density residential developments.
“We believe that we can create the most value for the people not only in Cavite but for surrounding communities,” said Dy.
ALI allocates 124 hectares for a CBD in Vermosa, larger than the Makati CBD, which will come in two phases: a 57-hectare campus-type development and 67-hectare full-blown CBD.
The ALI chief mentioned that Vermosa will also offer diverse residential developments from Ayala’s residential brands such as Avida, Alveo, and Ayala Land Premier.
When fully developed, Vermosa will have 30,000 residents and 500,000 workers.
For the next five years, ALI will be investing Php23 billion for the development of the following: Vermosa Sports and Lifestyle Complex (VSLC), community retail, and initial residential projects.
The company’s initial investments also include ALI’s land acquisition for Vermosa which was acquired two to three years ago from another property developer. (PNA)