MANILA - Ayala Land Inc. will be spending P70 billion for its new mixed-use development project in Cavite.
The 700-hectare Vermosa will be used to house offices, retail shops, hotels, restaurants, schools as well medium to high density residential developments.
"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," Ayala Land president and chief executive Bernard Vincent Dy said in a statement.
Ayala Land said that at full development, the project is expected to have over 3 million built up area with 30,000 residents and about half a million workers.
Vermosa, which is patterned over established estates such as Makati, Bonifacio Global City, and Nuvali, will focus on the increasing active and healthy lifestyle of Filipinos with a sports and lifestyle complex.
A sports science laboratory is also planned to be opened in the fourth quarter of 2016.
The entire project is expected to be completed in the next 12 to 15 years.