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Friday, March 29, 2024

Ayala Land opening 6 new shopping malls

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Property developer Ayala Land Inc. is opening six new malls this year that will add 150,000 square meters of leasable space to its shopping mall portfolio.

Ayala Land malls group vice president  Myrna Fernandez said apart from the recently opened The 30th in Pasig which offered 30,000 sqm of leasable space, five more shopping malls were slated to open this year.

A shopping mall will soon open in Vertis North complex, Quezon City which will offer 40,000 sqm of leasable space and complement the company’s nearby Trinoma shopping mall.

Two other big commercial developments that are set to open this year, including the Feliz Town Center in Pasig with 80,000 sqm of leasable space and Cloverleaf mall in Balintawak, Quezon City.

Southvale in Alabang and Ayala malls in Marikina are also scheduled for opening in 2017.

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The property developer has been aggressive in opening new malls to boost recurring income. It has been building up recurring-income sources including hotels and office developments, in line with its plan to balance residential development and leasing portfolios.

The group had 1.57 million sqm of mall leasable space with average occupancy rate of 93 percent as of end-September 2016.

Ayala Land opened malls in Palawan, Alabang and Iloilo in 2016.

The company said between 2016 and 2020, it lined up mall projects that would add nearly 1 million sqm of leasable space. These upcoming malls are located within the group’s integrated township projects across the country, including Bacolod, Palawan and Cebu. 

Ayala Land registered a net income of P15.06 billion in the first nine months of 2016, up 17 percent from the same period last year on double-digit growth in revenues from core businesses.

Consolidated revenues in January to September 2016 reached P85.49 billion, an increase of 14 percent from P75.05 billion it posted in 2015, driven by the sustained growth of the residential and office businesses and the strong performance of shopping centers. 

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