Ayala Land launches first phase of Vertis North

AYALA LAND, Inc. (ALI) formally unveiled on Wednesday the first phase of the P65-billion Vertis North estate in Quezon City, which includes both the mall and hotel components.

The first phase of the 45-hectare development already open to the public includes Ayala Malls Vertis North, which opened around 20% of the total development last June 9 and Seda Vertis North, the largest hotel under the Seda brand that houses 438 rooms.

“We just started phase 1, still a lot of undeveloped parcels. Aside from the mall and Seda, we will be opening offices, we will be depending on the performance of the market,” Wilfredo S. Teodoro, Senior Division Manager and Estate Head of Vertis North, said in a press conference during the estate’s formal launch in Quezon City.

Mr. Teodoro added that ALI has already spent P32 billion for the construction of six residential developments, the mall, hotel, as well as for the development of land.

The mall will have a gross leasable area of 40,249 square meters which will be occupied by retailers catering to the millennial generation. The project will offer concepts such as Japan Town, Korean Town, and Urban Turf that primarily focus on different dining options based on these themes.

Ayala Malls group head Maria Rowena Victoria M. Tomeldan said 85% of the mall will be operational by year end, in time for the holidays.

Meanwhile, Seda Vertis North is positioned as the first five-star hotel under the brand, as well as the first to have a grand ballroom envisioned to become a chosen destination for wedding receptions and corporate functions.

“As an enterprising city, Vertis North will be the home of Seda Vertis North and Ayala Malls Vertis North to fulfill the promise of developing a regional gateway to the north and a growth accelerator for every scale of business, among other things,” Mr. Teodoro said in a press statement released during the event.

Also included in the first phase of the development are three office towers which will offer over 120,000 gross leasable space. The first tower is set for completion within the year, alongside the launch of two more residential towers. These projects will be under the Avida Land and Alveo brands.

The company official further noted that the operator of Solaire Resort and Casino will soon develop the lot it purchased from the National Housing Authority in 2015. Sureste Properties, Inc., a unit of Bloomberry Resorts Corp., was awarded the 15,676- square meter property worth P1.98 billion two years ago.

“This time they’re ready to start development as soon as the land becomes available,” Mr. Teodoro said.

Bloomberry earlier said it will turn the property into a mixeduse development in accordance with the master plan of the estate and the regulatory approval of the local government.

Asked if there will be other brands that will enter the estate, Mr. Teodoro said most will only be within the Ayala group.

Shares in ALI were down by 60 centavos or 1.46% to close at P40.50 at the Philippine Stock Exchange on Wednesday.