Ayala Land Inc. is looking to spend an initial P13 billion in the redevelopment of some commercial spaces in Manila and Cebu as it reinvents the experience of its Ayala Malls.
The redevelopment will cover Glorietta, Greenbelt, TriNoma and Ayala Center Cebu.
Mariana Beatriz Zobel de Ayala, Ayala Land director and senior vice president for leasing, said the redevelopment covers almost 400,000 square meters (sq.m.) of gross leasable area.
“We’re really excited not just to uplift the sense of place, in terms of the experience, the aesthetic of the mall, bringing a more modern and fresh contemporary look …but also rethinking the programming of the mall in terms of the social spaces, also the retail spaces,” Zobel said.
“We felt this change also brought about a good opportunity for us, given the multitude of choice that everyone has, whether it’s to shop online or to shop at one of the many spaces that are available across the country, to be able to set a new standard for retail, for dining, entertainment and for leisure experiences,” Zobel said
She added: “This is the first time in our history that we will embark on renovating at least four of our major flagship malls at once.”.
Ayala Land said it tapped global experts such as architectural firms Buchan of Australia, Gensler of the US and CAN Design Ltd. of Hong Kong “to set a new standard in retail landmarks that resonates with present and future generations.”
Redevelopment starts in the first and second quarters of this year with completion eyed starting next year (Trinoma), 2026 (Glorietta, Greenbelt 2, and Ayala Center Cebu) and 2028 (Greenbelt 1).
The company said funding for Greenbelt 1 has yet to be finalized.