Developer secures IFC funding for Greenbelt 1 redevelopment

A leading property developer has secured sustainability-linked financing from the International Finance Corporation (IFC) to support the redevelopment of Greenbelt 1 in Makati and the expansion of its nationwide mall renovation program.

The deal makes the developer the first globally to integrate IFC’s Building Resilience Index across 50 properties, a move that raises benchmarks for disaster readiness and climate adaptation in real estate. The funding will also cover Ayala Malls Evo City in Cavite, advancing the push for large-scale, climate-resilient commercial hubs.

According to the company, the Greenbelt 1 redevelopment alone is expected to generate over 1,000 direct jobs during construction and support about 3,000 more through merchant activities once the property reopens. Greenbelt 1, which opened in 1988, is being transformed into a modern lifestyle hub as part of an expanded P17.5-billion renovation program.

“By embedding sustainability into our projects, we enhance customer experience, protect long-term value for our stakeholders, and set new benchmarks for the industry,” said company president and CEO Meean Dy. She added that the partnership with IFC highlights the scalability of sustainable financing, which the firm intends to pursue for future growth.

The IFC welcomed the partnership, citing the Philippines’ exposure to extreme weather events. “This programmatic approach not only mobilizes financing, but also creates jobs and strengthens resilience,” said Amena Arif, IFC country manager for the Philippines.

The P17.5-billion program covers upgrades at several flagship malls, including Glorietta, Greenbelt, TriNoma, and Ayala Center Cebu, with new leasable space of 700,000 square meters set to be delivered over the next five years.