Ayala Land Inc. said on Wednesday it is investing P70 billion for its third biggest integrated estate development spanning two towns in Cavite.
Anna Ma. Margarita Dy, the company’s senior vice president, said the company will initially spend some P23 billion in about five years for its development called Vermosa, a 700-hectare area that spans the towns of Dasmariñas and Imus in Cavite.
The rest of the amount will be spent during Vermosa’s completion in the next 12 to 15 years. The company did not provide the timetable for the rest of its investment.
Ayala Land has been working on the area since last year, when it launched its project with upscale brand Ayala Land Premier that has been marketing its Courtyards residential development.
Dy said the company timed the launch of the entire project on the completion of the Muntinlupa-Cavite Expressway (MCX), the 4-kilometer Daang Hari public-private partnership (PPP) project bagged by Ayala Corp. some four years ago. It was the first PPP project of the Aquino administration.
“Vermosa shall offer diverse mix of elements, including 124 hectares allocated for a future central business district that will house various business and commercial establishments, hotels, shopping, entertainment, dining, as well as medium- to high-density residential developments. It will also have institutional uses such as schools,” she said.
At full development, it will have some 3.5 million square meters of gross floor area with 30,000 residents and about half-a-million workers. A total of 165 hectares , or about a quarter of the entire development, have been devoted to parks and gardens.
Using the South Luzon Expressway through MCX, Dy said Vermosa is about 55 minutes away from Makati City during peak hours.
“Soon, Manila will also be a few minutes away via the upcoming Cavite-Laguna Expressway,” she said.
Vermosa is Ayala Land’s third- largest development following Nuvali in Laguna, which has about 2,200 hectares, and the 1,125-hectare Alviera in Pampanga.
Dy said the company will soon launch its Avida and Alveo brands in the development, which also features a sports and lifestyle complex since the area is being frequented by training triathletes.
It will have an Olympic-size pool, 400-meter track and field and a sports science laboratory. The development will have a motocross track and the first purpose-built mountain bike skills track in the Philippines.
The sports science laboratory, to be opened in the fourth quarter of 2016, offers facilities to athletes and the public to raise the level of their performance using a scientific and technology-based approach.
Completing its health and lifestyle amenities is a 10,000-square-meter sports-themed retail that will feature various athletic and sport shops, as well as an array of healthy dining options.
“All these amenities will be managed by industry professionals and is open to the public,” the company said.