Ayala to open 7 malls worth P16B this yr

Manila Times - - CORPORATE NEWS - BY CATHER­INE TALAV­ERA

AYALA Land Inc. (ALI), is set to open seven new malls this year with a to­tal project cost of P16 bil­lion in a bid to reach its 2020 tar­get of 3 mil­lion square me­ters of leasable space.

Rowena Tomel­dan, head of the Ayala Malls group, said in an email that the seven malls sched­uled to open this year will add a to­tal of 225,000 square me­ters of gross leasable area (GLA) to the com­pany’s mall port­fo­lio.

One of the seven malls is the P2.5-bil­lion Ayala Malls The 30th in Pasig City, which opened ear­lier this month. The new mall adds 27,000 sqm of re­tail space to their mall port­fo­lio.

The other six malls are the 40,000- sqm Ayala Malls in the Ver­tis North es­tate in Que­zon City, to be opened in April; the 39,000- sqm Ayala Malls in the Clover­leaf es­tate in Bal­intawak, to open in Oc­to­ber; the 13,000sqm Ayala Malls in Marik­ina Heights; the 79,000- sqm Ayala Malls Feliz along Mar­cos High­way also in Marik­ina; the 21,000- sqm One Boni­fa­cio High Street in Taguig, set to open by the end of the year; and the 6,000- sqm Ayala Malls South­vale in Ala­bang.

Ayala Malls Feliz is the com­pany’s largest mall to be opened this year while One Boni­fa­cio is part of a mixed- use devel­op­ment.

“Ex­cept for One Boni­fa­cio which is an FBDC (Fort Boni­fa­cio Devel­op­ment Cor­po­ra­tion) project, the to­tal cost of these projects amounts to about P16 bil­lion dis­bursed for a pe­riod of one to three years,” Tomel­dan said.

FBDC is a joint ven­ture be­tween ALI and Ever­green Hold­ings of the Cam­pos fam­ily.

“By 2020, we will hit over 3 mil­lion square me­ters in leasable area. That’s why we’re grow­ing quite fast,” Tomel­dan said.

ALI cur­rently has a lit­tle less than 2 mil­lion sqm of leasable space in its re­tail port­fo­lio, she said.

Tomel­dan ear­lier dis­closed that they also have a num­ber of mall open­ings sched­uled for 2018. These in­clude a por­tion of the Ayala Malls Bay Area in Paranaque City and Ayala Malls Capi­tol Cen­tral in Bacolod City.

“The timetable of the oth­ers are still fluid. But those are the two, the large ones, that are set to open in 2018,” she said.

“We also have in Cebu at the Techno Park. I just don’t have the ex­act name of the devel­op­ment. But we also have in Cebu, that’s also 2018,” she added.

Tomel­dan said the com­pany con­tin­ues to look at growth cen­ters across the coun­try as prospec­tive ar­eas for mall de­vel­op­ments.

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