ALI spending hits P32 B for Vertis North in Quezon City

MANILA, Philippines - Ayala Land Inc.(ALI) has already spent nearly half of its P65 billion budget for Vertis North Estate in Quezon City.

“We’ve allocated a total of P65 billion for Vertis North. For the development that is ongoing right now, we spent around P32 billion,” said Jay Teodoro, ALI senior division manager of Strategic Landbank Management Group and head of Vertis North.

Teodoro said around 14 hectares of the 29-hectare project are being developed into residential, retail, hotel and office space.

ALI recently opened the 24-story Seda Vertis North hotel and a portion of the Ayala Malls Vertis North.

Seda Vertis North features a total of 438 guestrooms, ranging from deluxe room, club room, suite and presidential suite.

Ayala Malls Vertis, which caters to the millennial market, offers a total gross leasable area of 40,249 square meters.

“We’re proud to say that the Ayala Malls Vertis North is the first millennial shopping complex,” said Ayala Malls head Rowena Tomeldan.

“It is a place of ultimate leisure and entertainment that fuses advanced technology with art and passion to create a series of exciting innovations,” she added.

Special features of the mall include anchor tenants such as Japan Town, Korean Town and Urban Turf among others.

Teodoro said six residential towers under its Avida and Alveo brands are currently being developed.

He said three office towers are currently being constructed on top of the Ayala Malls Vertis.

“It will offer gross leasable space of around 120,000 square meters.  We expect the first tower to be completed within the year,” Teodoro said.

At present, ALI has a total of 20 sustainable estates across the country.

The property developer reported an 18 percent increase in its net income in the first quarter to P5.56 billion, mainly driven by growth across its business segments.