Ayala Land unveils 2025 projects, eyes AIM lot

Property developer Ayala Land Inc. (ALI) is in talks to acquire the Makati City property occupied by the Asian Institute of Management (AIM), according to a company executive. 

ALI chief finance officer Augusto Bengzon said the company is in talks to purchase the one-hectare property from the AIM foundation, explaining that the business school requires a larger campus. He noted that the land is currently provided by Ayala Corp, ALI's parent company.

ALI also revealed its plans to launch new malls, hotels and office buildings in 2025.

Mariana Zobel de Ayala, ALI’s head of leasing and hospitality, said the property developer would open about 78,000 square meters of retail space this year.  She listed several upcoming malls, including the first phase of a development in Imus City, Cavite province, Park Triangle in Bonifacio Global City, and the initial phases of Solenad 4 and Arca South.

According to Zobel de Ayala, ALI has about 700,000 square meters of mall space in the planning or construction phase, including renovations. She expressed strong confidence in the market and Filipino consumers.

Zobel de Ayala also reported that Ayala Malls experienced a 10-percent increase in foot traffic last year, though she did not provide specific numbers. She highlighted significant sales growth at newer malls, mentioning a five-fold increase at One Ayala and nearly double the sales at Manila Bay.

The company plans to refresh 30,000 square meters of retail space, she said.  Zobel de Ayala said the ongoing renovations at Glorietta, Ayala Center Cebu, Trinoma and Greenbelt are progressing as planned, currently between 40% and 60% complete.

On the hospitality sector, Zobel de Ayala said ALI has about 2,000 hotel rooms in the pipeline, either under construction or in the planning stages. She said that renovations at the Holiday Inn (Makati), Seda BGC, Seda Abreeza in Davao and Seda Centrio in Cagayan de Oro are expected to be finished by the third quarter of this year. 

The revamped Lagen Island resort in Palawan is also currently under renovation.  The 280-room Mandarin Oriental in Makati is expected to open next year, she confirmed.  She expressed optimism about the potential for growth in both domestic and regional tourism.

Zobel de Ayala said ALI’s office segment is outperforming the industry average.

She said that while the market is seeing vacancy rates of around 20%, ALI’s lease rate is at 92%.