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MANILA - Ayala Land Inc. will spend a total of P65 billion for over 10 years and create 200,000 jobs to develop Verdis North, an integrated urban development in Quezon City.
"Quezon City is fast becoming a center of gravity for economic development as it works to be at par with international business standards," Antonino Aquino, president of ALI said.
Vertis North will consist of a broad range of offices, retail, hotel and residential development.
The first phase costing P12 billion will involve putting up 220,000 square meters to include office, retail and hotel components within a seven-hectare area. The project will create 35,000 jobs and is scheduled for completion in three to four years.
State-run National Housing Authority is eyeing P11 billion in housing investments through its partnership with ALI for Vertis North.
This would help the government reduce the national housing backlog, as the project stands to benefit close to 50,000 families.
Vertis North is located at the converging point of commuter rail lines and three major arteries – Edsa, Mindanao Avenue and North Avenue - where ALI's TriNoMa shopping center stands.
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