Ayala Land allots P13 billion to redevelop 4 major malls

MANILA, Philippines — Ayala Land Inc. (ALI) is spending P13 billion for the redevelopment of its malls, which is expected to be completed by 2028.

ALI senior vice president and head of leasing and hospitality Mariana Zobel de Ayala said the company is investing P13 billion for the redevelopment of  Glorietta and Greenbelt in Makati, Trinoma in Quezon City and Ayala Center Cebu, which will start this year.

Zobel  said that for Greenbelt 1, which will involve putting up a new building, there will be “an additional separate investment to the P13 billion.”

Ayala Malls vice president AC Legarda said Greenbelt 1 would be closing down in April to give way for the redevelopment, and will reopen in 2028.

For Greenbelt 2, redevelopment work is expected to begin this quarter and be completed by 2026.

“Greenbelt will evolve from the Philippines’ lifestyle capital to the next regional fashion and luxury destination,” Zobel said.

As for Glorietta, work will begin in the current quarter and be completed by the fourth quarter of 2026.

For Trinoma, the target start date of redevelopment is in the current quarter, with the completion date eyed in the fourth quarter of 2025.

As for Ayala Center Cebu, work will start this quarter, with the target completion in 2026.

Ayala Land Malls Inc. chief operations officer Paul Andrew Birkett said the malls would not be closed down while the renovation work is being undertaken.

“The redevelopment, we feel, will unleash the full potential of Ayala Malls retail space, and enhance areas for convergence and create spaces that challenge Ayala Malls retailers to bring their best to the Filipino consumer,” Zobel said.

She said the redevelopment work is being undertaken to cater to the evolving consumer preference.

Despite the redevelopment work, Zobel said  ALI is still committed to double its net income in the next five years.