Ayala Land increases mall redevelopment budget to P17.5 billion

Ayala Land Inc. announced on Thursday that it has increased its budget to P17.5 billion from the original P13 billion for the redevelopment of four flagship malls and expanded the initiative to other properties in its portfolio.

The renovations at Glorietta, Greenbelt, Trinoma, and Ayala Center Cebu are progressing with key milestones scheduled for completion this year.

Ayala Malls' broader growth strategy includes adding over 700,000 square meters of gross leasable area (GLA) in new locations such as Parklinks over the next five years, with planned mall openings including Evo City Estate in Kawit and Ayala Malls Solenad expansion.

The redevelopment program focuses on modernizing architecture, integrating green and al fresco zones, curating new retail concepts, enhancing amenities, and incorporating sustainable infrastructure to elevate design and experience standards across all malls.

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