Ayala Malls allots P13B for renovation of 4 malls
MALL operator Ayala Malls is allocating P13 billion for the planned redevelopment of four of its malls: Glorietta, Greenbelt 2, TriNoma, and Ayala Center Cebu.
“We’re happy to share that for those four malls, excluding Greenbelt 1, we’re investing P13 billion,” Ayala Malls President Mariana Beatriz Zobel de Ayala said during a briefing on Thursday.
“This is the first time in our history that we will embark on renovating at least four of our major flagship malls at once,” she added.
The planned renovation for Glorietta, Greenbelt 2, TriNoma, and Ayala Center Cebu will begin in the first quarter, while the redevelopment of Greenbelt 1 will start in the second quarter.
TriNoma’s renovation is scheduled for completion by the fourth quarter of 2025, while Glorietta’s is targeted for the fourth quarter of 2026. Greenbelt 2 and Ayala Center Cebu’s renovations are expected to conclude by 2026.
Greenbelt 1 will close in April this year and reopen by 2028.
“In the past several years, much has changed for all of us — both during and before the pandemic. We’ve seen habits changes, preferences evolve, and priorities reset. With this, we feel it is an opportunity to usher in a new era for Ayala Malls — and a new experience for our customers,” Ms. Zobel said.
Ayala Malls has tapped Australia’s Buchan as the architect and designer for the Glorietta and Ayala Center Cebu projects. The company also sought Hong Kong’s CAN Design Ltd. and US-based Gensler for the redevelopment of Trinoma and Greenbelt, respectively.
Expected changes include exterior and interior design improvements, lush greeneries and open space, as well as enhanced areas for convergence and retail spaces.
“With this, Ayala Center Cebu will transform to the Queen City of the South’s premier lifestyle destination — for milestones and unparalleled retail in the region. Trinoma will become the retail powerhouse of the North,” Ms. Zobel said.
“Greenbelt will evolve from the Philippines lifestyle capital – to the next regional fashion and luxury destination, and Glorietta will take its place as the vibrant powerhouse of the metro, and the home of beloved brands,” she added.
Ayala Malls is the retail unit of listed real estate developer Ayala Land, Inc. On Thursday, Ayala Land shares fell by 0.57% or 20 centavos to P34.70 apiece. — Revin Mikhael D. Ochave