Property giant Ayala Land, Inc. (ALI) is closing down the Greenbelt 1 mall starting April 1 as part of its malls redevelopment plan.
Greenbelt mall, which was designed by national artist for architecture Leandro Locsin, will be closed by April as part of ALI’s plan to redevelop four of its major shopping malls including Glorietta, Greenbelt 2, TriNoma, and Ayala Center Cebu.
The 41-year-old Greenbelt 1 would be redeveloped into a luxury mall that will feature top fashion retail brands.
“Greenbelt will evolve from the Philippines lifestyle capital to the next regional fashion and luxury destination,” ALI said.
The mall will be reopened in 2028.
ALI earlier said it allotted P13 billion to redevelop all four malls.
“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 currently has 32 malls across the country with 2.1 million square meters of gross leasable area (GLA) and another 234,000 square meters of GLA in the pipeline.
The property firm said it will work with global experts, including Buchan, Gensler and CAN Design, Ltd., for the planned redevelopment.