LISTED property developer Ayala Land, Inc. (ALI) said its retail unit Ayala Malls will invest P12.7 billion to develop and renovate three Cebu-based malls, betting on rising consumer demand in Central Visayas.
The investment forms part of ALI’s plan to “reimagine” its malls, with phased rollouts between 2025 and 2028.
It covers three Ayala Malls in Cebu: Ayala Center Cebu, Ayala Malls Central Bloc in the Cebu IT Park, and Ayala Malls Gatewalk in Mandaue.
“Cebu is the economic heart of the Visayas, home to a rapidly growing urban population, a robust middle class, and rising consumer spending,” Ayala Malls Chief Operating Officer Paul Birkett said in a statement on Thursday.
“Cebu (and the larger Visayas region) is experiencing unprecedented growth, and our substantial investment reflects not only our strong confidence in the region but demonstrates our commitment to elevating retail standards and ensuring that we remain relevant, resilient, and impactful for decades to come,” he also said.
Ayala Malls has a diversified portfolio in Cebu, serving targeted market segments. Its flagship Ayala Center Cebu is positioned as the lifestyle and luxury destination, catering to high-value consumers and international brands.
Ayala Malls Central Bloc is a dynamic hub for young professionals and the business process outsourcing workforce in the Cebu IT Park.
Lastly, Ayala Malls Gatewalk, a 17.5-hectare master-planned mixed-use estate, is expected to open in the last quarter of 2026.
Located within Gatewalk Central, Mandaue, the mall will have a gross leasable area (GLA) of 55,000 square meters (sq.m.) and 350 merchant spaces. It is designed as a vibrant entertainment and dining destination, housing creative hubs, gaming zones, and a massive, design-forward food hall.
Ayala Malls has grown its strategic footprint across the Visayas, reflecting long-term confidence in the region’s growth potential. Alongside its Cebu developments, Ayala Malls Capitol Central is in Bacolod City, while Shops at Atria is in Iloilo City.
Last month, Ayala Malls announced a P17.5-billion budget for its mall renovation program, with plans to add 700,000 sq.m. of new GLA over the next five years.
“Our malls are not merely commercial centers; they are integral components of our mixed-use estates and critical drivers of local economies,” Ayala Malls said.
ALI shares on Thursday fell by 1.47%, or 40 centavos, to close at P26.75 apiece. — Beatriz Marie D. Cruz
