Ayala to put up 3-5 new malls annually

MANILA, Philippines — Property giant Ayala Land Inc. (ALI) is poised to accelerate the development of new shopping centers across the country, while also advancing the redevelopment of its existing shopping malls.

Including the renovations, ALI has about 700,000 square meters of mall space currently under planning or construction.

“So with the 700,000 square meters, I think the goal is between three and five new malls a year,” ALI senior vice president and head of leasing Mariana Zobel de Ayala said.

“Over the next five years, we will strategically expand our footprint. We have plans to add 700,000 in gross leasable space with the opening of new Ayala Malls in important key growth areas across the country,” she said.

Zobel said the company would announce these new malls’ locations in due course.

ALI’s optimism to expand its malls is fueled by the continuing growth in foot traffic across its shopping centers nationwide.

“For over three decades, Ayala Land has been proud to be at the forefront of transforming land into vibrant, integrated communities. Places where people don’t just live and work, but where they truly thrive,” Zobel said.

“Our mission has always been clear. To build with purpose, developing spaces that drive economic activity, foster social connection and create enduring value for generations. Ayala Malls are proud to have played a central role in this vision,” she said.

Last year, ALI embarked on a P13-billion redevelopment of its four iconic malls – Glorietta, Greenbelt, TriNoma and Ayala Center Cebu – to cater to the evolving consumer preference.

It also announced that it is spending an additional P4.5 billion to redevelop four more malls – Ayala Malls Abreeza, Ayala Malls Cloverleaf, Ayala Malls Fairview Terraces and MarQuee Mall.

Zobel said ALI has made significant strides on the redevelopment, with renovation works well underway.

“We understand the importance of continuously evolving our malls to meet the changing needs of our consumers and the communities that we’re embedded in,” Zobel said.