Ayala allots P12.7 billion to redevelop 3 Cebu malls

Three major shopping centers in Cebu are set for extensive redevelopment under a P12.7-billion investment program, with phased rollouts scheduled from 2025 to 2028.

According to a statement on Thursday, the upgrades will cover a flagship lifestyle hub in Cebu City, a business district mall in Cebu IT Park, and a new retail complex in Mandaue. The three properties cater to different market segments from high-end shoppers to young professionals and business process outsourcing (BPO) workers.

The planned Mandaue mall is expected to open in late 2026 as part of a 17.5-hectare master-planned, mixed-use estate.

Company officials said the redevelopment reflects a long-term commitment to the Visayas, noting that the firm’s regional portfolio also includes malls in Bacolod City and Iloilo City.

“Our malls are not merely commercial centers; they are integral components of our mixed-use estates and critical drivers of local economies,” an executive said.

Shares of the developer’s parent firm slipped 1.47 percent to P26.75 apiece on Thursday.