Property giant Ayala Land Inc. is set to boost this year its commercial property portfolio—assets that provide recurring income—with the opening of new shopping centers, office space and a hotel.
This 2015, ALI is expected to deliver 147,000 square meters of additional retail space in: Nuvali in Sta. Rosa, Laguna; Bonifacio Global City; UP Town Center in Quezon City; Ortigas, Tagaytay; Circuit Makati and Legazpi (Albay), top officials said in a recent briefing.
ALI president Bernard Vincent Dy said that on average, the additional retail space to be opened up this year in each location would be between 15,000 and 40,000 sqm, Dy said.
ALI is breaking into the Bicol Region’s retail property market through a partnership with the LCC group founded by retailer Tan Chu Lim.
The partners will invest P1.6 billion in a 32,000-sqm shopping mall, which is expected to open for business by the end of the year.
On office development, ALI is set to launch this year about 300,000 sqm of additional office space.
In terms of actual office space expected to be completed this year, ALI chief finance officer Jaime Ysmael said about 106,000 sqm would be added to the portfolio.
Dy added that new office space would be opened in two locations in Bonifacio Global City, one in Alabang Town Center, one in Cebu and one in UP Technohub in Quezon City.
For the hotel property business, a 153-room hotel in Iloilo will be completed this year.