Ayala Land allots P13B for redevelopment of four flagship malls

Property giant Ayala Land Inc. is embarking on a multi-billion-peso redevelopment of its four flagship malls this year.

The four malls that will undergo redevelopment are Greenbelt 2, Glorietta, Trinoma, and Ayala Center Cebu.

“This is the first time in our history that we will embark on renovating four flagship stores at once. We will bring fresh, modern malls,” Ayala Land senior vice president and head of leasing and hospitality and Ayala Malls president Mariana Zobel de Ayala said at a press briefing in Makati City on Thursday.

“We are investing P13 billion for these enhancements,” she added.

The Ayala Land executive said the renovation plan for the flagship malls will “address the needs and tastes of a new era.”

The redevelopment works will begin in the first quarter of 2024 and are targeted to be completed by 2026.

“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,” Zobel de Ayala said.

While renovation works are ongoing, the malls will not be closed, as the company will be doing it in segments.

“Revenues will not change,” Zobel de Ayala said.

“Our end goal is to provide unparalleled shopping experiences to customers,” she said. — VBL, GMA Integrated News