Ayala Land: Malls redevelopment budget increased to P17.5B

Ayala Land Inc. on Thursday announced it has scaled up the budget for the ongoing redevelopment of its four flagship malls as it expands the transformation initiative to other malls across its portfolio.

In a news release, Ayala Land said the malls' redevelopment program, which was launched in 2024 with a budget of P13 billion, has been increased by P4.5 billion, for a total of P17.5 billion, to “include more malls and elevate design and experience standards across the board.”

The ongoing redevelopment initially covered the property developer’s four flagship malls, namely Greenbelt 2, Glorietta, Trinoma, and Ayala Center Cebu.

The redevelopment is part of Ayala Land’s retail development and leasing arm Ayala Malls’ broader growth strategy as it aims to add over 700,000 square meters of gross leasable area (GLA) over the next five years, which include malls in key growth areas such as Parklinks—the joint estate development with Eton Properties in Quezon City and Pasig.

Meanwhile, Ayala Land said renovations at Glorietta, Greenbelt, Trinoma, and Ayala Center Cebu remain on track, “with key milestones set for completion in the coming months.”

“This extensive transformation is far more than just renovation; it’s about creating spaces where life happens, where memories are made, and one that aligns perfectly with Ayala Land’s long-term growth story of building places that people love,” said Mariana Zobel de Ayala, Ayala Malls president and head of Leasing and Hospitality Group.

The transformation program introduces a comprehensive redevelopment of Ayala Malls’ flagship properties, including:

• Modernized architecture and improved navigation, allowing for more intuitive movement across multiple levels
• New green and al fresco zones, integrating nature and wellness into the shopping experience
• Curated brand mixes, including new-to-market retail concepts and experiential stores
• Elevated amenities and shared spaces, such as wider walkways, better seating, upgraded restrooms, and cowork-friendly areas
• Sustainable infrastructure, with energy-efficient systems and natural ventilation built into the design

In the first quarter of 2025, Ayala Malls posted P5.7 billion in revenues, up 4% year-on-year, driven by stable occupancy and increased GLA at One Ayala and Ayala Malls Vermosa.

Excluding areas under renovation, flagship and premium malls registered 14% quarter-on-quarter growth, contributing to an 11% gain across the broader portfolio, it said. —VBL, GMA Integrated News