MALLS UPGRADE. This will be the new look of Glorietta when it completes its reconstruction by 2026. Ayala Land Inc. is redeveloping its major shopping centers in Metro Manila and Cebu namely Glorietta, Greenbelt 2, Trinoma, and Ayala Cebu Center, investing PHP13 billion. (Courtesy of ALI)
MANILA – Mall goers may want to visit their favorite shops in flagship Ayala Malls before the shopping centers start partially closing in the first quarter of the year which will run for the next 12 to 24 months to undergo redevelopment projects.
In a press event in Makati City Thursday, Ayala Land Inc. (ALI) senior vice president Mariana Zobel de Ayala said the company has earmarked PHP13 billion for the redevelopment program of Greenbelt 2, Glorietta, and Trinoma malls in Metro Manila and the Ayala Cebu Center.
“This year, we are embarking on our biggest redevelopment yet, which will aim to transform Glorietta, Greenbelt, Trinoma, and Ayala Center Cebu into remarkable spaces where customers can discover and enjoy unique, best-in-class experiences,” Zobel said.
She added that the revamp of the four flagship Ayala Malls will also increase the gross leasable area by 10 percent.
Ayala Malls is tapping the expertise of global architect and design companies such as Australia’s Buchan for Glorietta and Ayala Center Cebu, San Francisco-based Gensler for Greenbelt, and Hong Kong’s CAN Design Ltd. for Trinoma.
The firm targets to complete Trinoma’s redevelopment by the fourth quarter of next year and the three other malls by 2026.
AyalaLand Malls, Inc. chief operating officer Paul Andrew Birkett said the company will not be shutting down the entire mall operations during this redevelopment period, and the reconstruction will be in a “sequential approach.”
Despite the partial closure of these flagship malls, Zobel said ALI targets to remain on track of doubling its net income for the next five years.
“That will not change. So, it’s quite a bit of work going into things through, how to optimize that, but that remains the same,” she added.
With the renovation, ALI also targets Greenbelt to be a shopping powerhouse in Southeast Asia as it emerges as a luxury address not only for the Philippines but for the region. (PNA)
