By Leslie D. Venzon / Philippines News Agency
Real-estate giant Ayala Land Inc. (ALI) plans to spend P16 billion to build new malls in the next three years, as it continues to increase its recurring income and ride on the Philippines’ robust economic growth.
“We are expanding aggressively…. We will be tripling our size in three years. By 2020, we will have at least 3.2 million in gross leasable area (GLA) for Ayala malls,” AC Legarda, senior division manager of ALI’s Commercial Business Group, said in an interview.
By the end of 2017, Legarda said, the property firm expects to register a total of 1.8 million square meters (sqm) of gross leasable space in its malls.
ALI plans to finish building six shopping centers this year with a total leasable space of 198,000 sqm. These are the Ayala Malls Vertis North in the Quezon City central business district; Ayala Malls Marikina Heights in Marikina City; Cloverleaf in Balintawak, Quezon City; One Bonifacio High Street in Bonifacio Global City, Taguig City; Ayala Malls Feliz in Cainta town, Rizal province; and Ayala Malls Southville in Las Piñas City.
These are in addition to Ayala Malls The 30th in Pasig City, which opened in January.
The company aims to open 11 new shopping malls next year, bringing total expected GLA by the end of 2018 at 2 million sqm.
ALI’s expansion plans for next year includes the cities of Bacolod and Cebu; Makati City; and Bay Area in Parañaque City.
“The economy is ready. We are very ripe. We are in our sweetest spot now. All the other brands would like to come in, the numbers are doing very well. And we see the market growing, so we would like to grow with the market,” Legarda said.
She attributed the growing business-process outsourcing (BPO) market and overseas Filipino workers’ (OFWs) remittances as driving the growth of retail spaces.
”We are very excited about the expansion. We would like to reach more markets. We are not only concentrating in Metro Manila; we are also doing a lot in provincial