(The Philippine Star) | Updated June 27, 2017 – 12:00am
MANILA, Philippines – Ayala Land Inc.(ALI) expects to start the next phase of development of its Vertis North estate after it completes the relocation of informal settlers.
In a recent interview, Jay Teodoro, senior division manager of Strategic Landbank Management Group of ALI, said around 12 to 13 hectares of the 29-hectare Vertis North property are still occupied by informal settlers.
Teodoro said a portion of the property is marked for the next phase of the project’s development.
“As soon as the informal settlers are relocated, we will start developing the next phase of the project,” Teodoro said.
Vertis North, a 29-hectare Ayala Land development in Quezon City, is bringing all the elements of a modern mixed- use, master- planned development with a 2-hectare garden as its pièce de résistance. Designed to be a sustainable and energized city center, Vertis North is a growth accelerator that brings together the best of what Metro Manila has to offer.
ALI is currently working on the first phase of development of the Quezon City estate, which accounts for around 14 hectares of the entire development. This includes hotel, retail, residential and office components.
He said the company is just waiting for the informal settlers to move to two unidentified relocation sites before it can begin development of the property.
“In the coming weeks, we expect to see some progress because the first site was already completed and the second site we broke ground last November. So we expect to start relocation by the end of the year,” he said.
ALI has partnered with the National Housing Authority (NHA) for the development of the Vertis North project, with the latter in charge of the clearing operations of inhabited area as well as the relocation operations.
A portion of NHA’s share in the project was acquired by Sureste Properties Inc., a unit of Bloomberry Resorts Corp.
Bloombery disclosed last year it was awarded a 15,676-square meter property worth P1.9 billion, which it plans to develop into a mixed-use project similar to its Solaire Resorts and Casino in Parañaque City.
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