Real estate titan Ayala Land, Inc. (ALI) will close Makati City's Greenbelt 1 mall on April 1st to start its five-year, P13 billion mall renovation project.
Created by National Artist for Architecture, Leandro Locsin, Greenbelt 1 is a component of ALI's plan to renovate four of its largest shopping centers: Glorietta, Greenbelt 2, TriNoma, and Ayala Center Cebu.
During a recent press briefing, Ayala Malls Vice President and Greenbelt Area Head AC Legarda announced that the 41-year-old Greenbelt 1 will be transformed into a premium mall that features top international retail brands, after tearing it down shortly following the closure.
“We have been receiving a lot of applications from brands that we’ve never imagined would be interested in Manila,” Legarda said.
Opening in 4 years
Greenbelt 1 is scheduled for reopening in 2028.
“The redevelopment will unleash the full potential of the mall’s retail spaces, enhance areas for convergence and experiences, and create spaces that challenge Ayala Malls’ retailers to bring their best,” ALI said.
“Greenbelt will evolve from the Philippines lifestyle capital to the next regional fashion and luxury destination,” ALI added.
Partnering with experts
The company announced that for the upcoming redevelopment, it will collaborate with international specialists such as Buchan, Gensler, and CAN Design, Ltd.
With 32 malls already operating across the nation, Ayala Land has 2.1 million square meters of gross leasable area (GLA) under its belt, with an additional 234,000 square meters of GLA under construction.
Sustainability, according to Ayala, will be a key component of the new layout and will enable companies to expand and thrive while operating more profitably and reduce any negative environmental effects.
