PROPERTY giant Ayala Land Inc. (ALI) is shelling out P70 billion in capital expenditure for a new master planned integrated community in Cavite, the 700-hectare Vermosa, for the next 12 to 15 years of development.
ALI said on Wednesday that the Vermosa will have mixed-use developments patterned on the Makati Central Business District (CBD), Bonifacio Global City and Nuvali. The development is divided into 60 percent residential, 20 percent commercial office and retail, and 20 percent institutional and open space areas.
For the first five years, ALI has earmarked P23 billion for Phase 1 of the development.
“Building large-scale, mixed-use developments that are strategically located in the country’s emerging growth centers will continue to be our focus. Our residential brands continue to introduce new offerings within our estates,” said ALI President and CEO Bernard Vincent Dy.
The 700-hectare Vermosa will also include a 124-hectare CBD that will house various business and commercial establishments as well as schools and a church.
Vermosa is situated in a highly developed part of Cavite, and is highly accessible via the newly-opened Muntinlupa-Cavite Expressway (MCX). The MCX tollroad is the first project bagged by parent conglomerate Ayala Corp. under the public-private partnership (PPP) scheme.