Ayala Land Inc. is aggressively expanding its shopping mall portfolio and investing in its hospitality business, driven by strong consumer confidence and a positive outlook for the Philippine market.
Ayala Land Inc. (ALI) is significantly expanding its shopping mall portfolio this year, adding approximately 78,000 square meters of new space and another 30,000 square meters from renovated areas. The company is opening new malls in strategic locations across the Philippines, including Vermosa in Imus, Park Triangle in Bonifacio Global City, Arca South in Taguig, and Solenad 4 in Nuvali. This expansion demonstrates Ayala Land 's strong confidence in the Philippine market and its consumers.
According to Mariana Beatriz Zobel de Ayala, the company's senior vice president and head of leasing and hospitality, Ayala Land witnessed a 10% year-on-year growth in foot traffic last year, a positive indicator of consumer confidence and spending. She highlighted that the company currently has around 700,000 square meters of mall space either under planning or construction, showcasing its commitment to further growth in this sector. Beyond retail, Ayala Land is also experiencing success in its office space segment. While the overall office market vacancy rate stands at 20%, Ayala Land boasts an impressive 92% occupancy rate across its properties. This performance is attributed to the company's strategic investments in prime locations and high-quality office buildings. Additionally, Ayala Land expressed confidence in completing the renovation of its Seda Hotels in BGC, Abreeza, Centrio, Cagayan de Oro, and its Holiday Inn Hotel in Makati on schedule. These renovations are anticipated to result in a 10 to 15% increase in average rental rates. The company is also progressing with the renovation of Lagen Resort, reaffirming its commitment to expanding its hospitality business. Ayala Land plans to double its room inventory in the hospitality sector, capitalizing on the potential of both domestic and regional tourism. With approximately 2,000 rooms in various stages of development, the company is well-positioned to cater to the growing demand for travel and leisure experiences
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