Property developer Ayala Land Inc. (ALI) said Thursday it will spend P13 billion to redevelop four major shopping malls in Metro Manila and Cebu.
ALI said the planned redevelopment of Glorietta and Greenbelt in Makati City, Trinoma in Quezon City and Ayala Center-Cebu this year would not only focus on aesthetics, but would also enrich customer experience.
“The redevelopment will unleash the full potential of the mall’s retail spaces, enhance areas for convergence and experiences and create spaces that challenge Ayala Malls’ retailers to bring their best,” ALI said.
ALI senior vice president and head of leasing and hospitality Mariana Zobel de Ayala said in a news briefing the redevelopment would not significantly affect the group’s revenues moving forward as this will be done in phases.
ALI committed to double its net income over the next five years.
“That will not change. That remains the same,” she said.
The makeover will set a new standard in retail landmarks that will cater to the present and future generations, the company said.
The developer said it would work with global experts such as Buchan, Gensler and CAN Design Ltd. for the planned redevelopment.
“With the transformative era, Ayala Malls firm up its dedication to creating dynamic, innovative, sustainable and memorable malls that serve, empower and celebrate the local communities the malls are embedded in,” ALI said.
“Ayala Malls’ move toward the future with a strong vision to be the mall of choice—the mall that customers keep coming back to,” it said.
The redevelopment of Trinoma will be completed in the last fourth quarter of 2025, while Glorietta and Greenbelt will be finished by 2026. Ayala Center Cebu’s development will be completed in 2028.
ALI has 32 malls across the country, with 2.1 million square meters (sq. m.) of gross leasable area (GLA) and another 234,000 sq. m. of GLA in the pipeline.