By Arra B. Francia, Reporter
AYALA LAND, Inc. (ALI) is expanding the mall inside its mixed use estate Cloverleaf in Balintawak, Quezon City, as it looks to cater to the needs of commuters traversing the area.
The listed property developer said it targets to open phase 2 of Ayala Malls Cloverleaf by 2022, offering a gross leasable area (GLA) of around 40,000 square meters (sq.m.).
“Because of the success of phase 1, we will have Ayala Malls phase 2, but unlike the first one this is more targeted to the commuter sector of Quezon City or Balintawak in particular because of its connection to the LRT station,” AyalaLand Estates, Inc. Project Development Senior Associate Paula Eimreh Joy Cagampan said in a press briefing in Makati on Tuesday.
Construction on the Cloverleaf mall is set to start in January.
“This is envisioned to become the Market! Market! of the north,” Ms. Cagampan said, referring to the company’s mall in Taguig located near a transport terminal.
Ayala Malls Cloverleaf phase 1 currently caters to the mid-income market. Opened in October 2017, the mall covers about 38,000 sq.m. in GLA spread out across four levels. It features six cinemas and various retail shops targeted toward millennials.
“As of October, almost occupied na ‘yung spaces natin in that area,” Ms. Cagampan said.
Also set to rise in Cloverleaf is a residential tower by ALI’s upscale market brand, Alveo. The project will have three residential towers, with the first to be launched by the third quarter of 2019.
Cloverleaf is ALI’s 11-hectare master planned development in Quezon City. The estate is accessible through EDSA and A. Bonifacio, which the company noted makes for a highly strategic space for retail business and for a place of residence.
The company has allocated to spend P15 billion to develop phase 1 of Cloverleaf, out of the total P23-billion budget for the estate. Since its launch in 2015, the company has already completed about 42% of the developable area.
Cloverleaf is one of 26 estates across the country under ALI’s portfolio. Its most recent one is called Habini Bay, a 526-hectare property located in the municipalities of Alubijid and Laguindingan, Misamis Oriental. It will house an industrial park to be managed by Laguna Technopark, Inc.
Habini Bay will be ALI’s fourth estate in Mindanao, following Abreeza in Davao, Alegria Hills in Cagayan de Oro, and Azuela Cove in Davao.
Earnings of ALI climbed 15% to P7.2 billion in the third quarter of 2018, after revenues improved by 14% to P39.3 billion. On a nine-month basis, the company’s net income went up by 17% to P20.78 billion, while revenues stood at P119.7 billion, 21% higher year-on-year.
Shares in ALI ended flat at P40 each at the stock exchange on Thursday.