ALI spending P4.5 billion to redevelop 4 malls

February 24, 2025 | 12:00am

MANILA, Philippines — Property giant Ayala Land Inc. (ALI) is spending an additional P4.5 billion to redevelop four of its malls, while also ramping up investments to bolster its hospitality and industrial estate portfolio.

“On top of reinventing our flagship malls, we’ve also allocated just under P5 billion to reinvent our core malls. For these, the reinvention will commence in 2025 and reopening will be phased from 2026 to 2028,” ALI head of leasing and hospitality Mariana Zobel de Ayala said.

The four additional malls are Ayala Malls Abreeza, Ayala Malls Cloverleaf, Ayala Malls Fairview Terraces and MarQuee Mall.

“We expect again that both combination of the physical reinvention and the merchant replacement will improve footfall and tenant sales, while, of course, creating an enjoyable retail experience for customers and tenants,” Zobel said.

ALI last year embarked on a P13-billion redevelopment of its flagship malls that will see its four iconic shopping centers – Glorietta, Greenbelt, TriNoma and Ayala Center Cebu – reinvented to cater to the evolving consumer preference.

Zobel said the reinvention progress of the company’s flagship malls has hit between 40 percent and 60 percent to date.

“The reopening of Ayala Center Cebu and TriNoma is likely to be in the second half of this year, while Greenbelt and Glorietta will follow in 2026. Other than the physical reinvention works, we are also changing the merchant mix to suit the target market more appropriately to be able to improve footfall in sales,” she said.

ALI is targeting to refresh 30,000 square meters per year through 2028 and expects merchant optimization to lift sales across all malls.

“Overall, we’re focused on bringing our existing assets to their full potential through building and merchant reinvention, while ensuring that we define the personality and target market of each of our pipeline malls to adapt to new retail demands,” Zobel said.

Aside from its mall redevelopment, ALI is also continuously beefing up its hospitality and industrial estate portfolio.

“We are making big bets in hospitality and industrial real estate,” ALI president and CEO Anna Ma. Margarita Bautista-Dy said.

For its hospitality business, Dy said ALI is on track with its plan to add another 4,000 rooms in five years.

“This will include the expansion of our hospitality portfolio by adding new brands to serve different market segments” she said.