Ayala Land Inc. on Thursday said it will spend P13 billion to redevelop beginning this year four of its malls in Metro Manila and Cebu to keep up with changing commercial conditions generated by the end of the pandemic.
The redevelopment, Ayala said, covers Glorietta and Greenbelt in Makati, TriNoma in Quezon City, and Ayala Center Cebu.
“With a plethora of choices available and a fierce competition for customers’ time and attention, Ayala Malls is reinventing its flagship malls to meet the evolving needs and wants of the market, and to lead the way in redefining third spaces – to give Filipinos exciting, memorable places where they can interact with each other and the brands they love,” the company said.
Mariana Beatriz Zobel de Ayala, Ayala Land director and senior vice president for leasing, said the redevelopment covers 400,000 square meters of gross leasable area.
“And we’re really excited not just to uplift the sense of place, in terms of the experience, the aesthetics of the mall, you know, bringing kind of a more modern and fresh contemporary look to that. But also it rethinking the programming of the mall, in terms of the social spaces, also the retail spaces,” Zobel said.
The renovation, Zobel said, is the first time in corporate history that Ayala embarks on renovating four of its major flagship malls at once and has tapped global architects and designers for the redevelopment.
Glorietta and Ayala Center Cebu will be handled by the Buchan Group of Australia, Greenbelt will be designed by Gensler of the United States and TriNoma by CAN Design Ltd. of Hong Kong.
“The redevelopment will unleash the full potential of the malls’ retail spaces, enhance areas for convergence and experiences, and create spaces that challenge Ayala Malls’ retailers to bring their best,” the company said.
The redevelopment will all start in the first half this year and complete by 2025 for TriNoma, 2026 for Cebu, 2027 for Glorietta and Greenbelt and 2028 for Greenbelt 1.
