Makati City, Philippines – Ayala Malls is ramping up its redevelopment push with a bigger budget and a more aggressive timeline, betting on strong consumer spending and the evolving demands of Filipino shoppers.
The property giant has increased its mall renovation program to ₱17.5 billion, up from the ₱13 billion set when the project was announced last year. The expanded plan aims to refresh key flagship malls and break ground on new sites, adding over 700,000 square meters of fresh retail space across the country within five years.
More Malls, More Space
Speaking at a recent media briefing, Ayala Malls President Mariana Zobel de Ayala said the plan involves opening three to five new malls each year, in addition to ongoing upgrades of major properties like Glorietta, Greenbelt, TriNoma, and Ayala Center Cebu.
Among the pipeline developments are a mall at Evo City in Cavite, expansions at Ayala Malls Solenad in Nuvali, and future retail hubs within mixed-use estates like Parklinks, a joint venture with Eton Properties spanning Quezon City and Pasig.
“This transformation goes beyond a facelift — it’s about building places that resonate with people’s daily lives and what they value in modern urban communities,” Zobel said.
Ayala Malls Chief Operating Officer Paul Birkett added that the company is looking at how Filipinos now prefer to shop, dine, and gather, with sustainability, green spaces, and better tenant mixes playing a central role in the upgrades.
Momentum in the Numbers
The developer’s optimism is supported by resilient mall traffic and steady lease demand. For the first quarter of the year, Ayala Malls’ revenues rose 4% year-on-year to ₱5.7 billion, driven by strong occupancy rates and new lease contributions from One Ayala and Ayala Malls Vermosa.
Excluding areas under renovation, flagship and premium locations delivered a 14% jump in revenues quarter-on-quarter, helping lift overall portfolio growth by 11%.
Ayala Land, the parent company, remains bullish on the local retail sector, citing healthy macro conditions, upbeat consumer sentiment, and easing inflation — which averaged below 2% in the first half.
Looking Ahead
With a sharpened focus on sustainability and community-centric design, Ayala Malls is positioning its new and revamped properties as lifestyle anchors for emerging urban centers. The expanded pipeline reflects Ayala Land’s wider strategy to blend residential, office, and retail spaces into integrated estates — keeping pace with how Filipinos live, work, and spend.
