Philippine property developer Ayala Land (ALI) plans to open new malls this year, adding an estimated 78,000sqm of retail space as consistent foot traffic and robust sales encouraged the company.
Mariana Zobel de Ayala, head of leasing and hospitality, ALI, said Ayala Malls saw a 10 per cent growth in foot traffic last year.
“We believe in the market and the conviction of the Filipino consumer,” she remarked.
“Including the renovations, we have about 700,000 sqm of mall space that’s currently either under planning or construction.”
The first phase will be opening a mall in Imus City, Cavite, followed by Park Triangle in Bonifacio Global City.
“We also have the first phases of Solenad 4 and Arca South, which are going to be quite a different concept from a mall perspective,” Zobel de Ayala added.
“Our newer malls like One Ayala showed about five times increase in sales, and for Manila Bay, we showed almost doubling in sales.”
In addition to opening new malls, the retail property developer will renovate 30,000sqm of existing retail space, including Glorietta, Ayala Center Cebu, Trinoma, and Greenbelt.
“As of this month, most of those renovations are between 40 per cent and 60 per cent complete,” she said.
“The renovations are on track, with most between 40 to 60 per cent in completion, and it’s creating a lot of excitement with our tenants,” she concluded.