Property developer Ayala Land has unveiled a PHP65bn ($1.5bn) project to build a new business district in Quezon City in the Philippines.
The project, called Vertis North, is a joint venture between Ayala Land and the Philippines National Housing Authority, which will see the construction of 45 office and residential towers on 29ha of land.
The first phase of the project will involve the development of the offices, retail, and hotel components with an estimated combined gross floor area of 220,000m².
Ayala Land president Antonino Aquino said that two of the office buildings to be built would serve business process outsourcing companies.
"The office buildings will initially cater to the BPO market which we see as very important in this occasion," Aquino said.
"During its first phase of development, Vertis North will generate 35,000 jobs, mainly of BPO workers."
The first phase, which is estimated to cost PHP12bn ($287m), will be developed within a 7ha land area and is expected to be completed in the next three to four years.
The project will also have a system of underground car parks and roadways.
It will be developed over a ten-year period and is part of the 252ha central business district development planned by the government for Quezon City, covering properties within the North and East Triangles and the veterans’ memorial area.
"About two hectares of Vertis North will be earmarked for open space, replicating something like Makati’s Ayala Triangle Gardens and Greenbelt Park or Bonifacio Global City’s Bonifacio High Street."
Vertis North is on the North Triangle property area, which spans 45ha of prime land, inclusive of TriNoma mall.
Image: Vertis North project will see the construction of 45 office and residential towers on a 29ha property. Photo: courtesy of Ayala Land.