Ayala Land, Inc. (ALI) said revenue per square meter rose 13% across four renovated flagship shopping centers, while room rates at its upgraded hotels climbed 19%.

The company identified the four malls undergoing renovation as Glorietta, Greenbelt, Trinoma, and Ayala Center Cebu in a statement issued on Wednesday.

Same-mall revenues grew 8%, with flagship and premier malls recording 10% growth, according to the company. Ayala Land attributed the gains to higher rental rates, improved occupancy, and additional income from venue rentals, advertising, and cinemas. Because same-mall figures track centers already in operation, the 8% increase offers a direct read on how the renovation program is lifting returns at existing assets, separate from contributions by newly opened properties.

In its Nov. 5 financial disclosure, the company reported that shopping center revenues reached P18.2 billion in the first nine months of 2026, up 4% from a year earlier. Excluding the impact of one-off asset sales recorded in 2025, shopping center revenues would have increased 10%, it said.

Hotel and resort revenues rose 20% to P8.9 billion in the January-to-September period, supported by improved operating performance at renovated properties, including hotels under the Seda brand and El Nido Resorts. Ayala Land is scheduled to reopen the Mandarin Oriental Makati on Dec. 14.

The office leasing business generated P9.4 billion in revenues during the nine-month period, up 4% from a year earlier. The company signed approximately 23,000 square meters of new office leases in the third quarter, its highest quarterly volume so far this year.

Ayala Land earlier reported that leasing and hospitality revenues increased 8% to P37.8 billion in the first nine months. These businesses accounted for 55% of the company's earnings before interest, taxes, depreciation, and amortization (EBITDA), compared with 44% a year earlier — a nine-percentage-point shift that shows the segments targeted by the renovation and upgrade program now carrying a larger share of the company's earnings mix.

The company also expects to open nearly 200,000 square meters of additional retail space by yearend. The planned additions include Ayala Malls Gatewalk in Mandaue City, Cebu; the Ayala Malls Nuvali expansion in Laguna; and The Exchange at Trinoma. Ayala Malls Gatewalk is expected to house the first IKEA store in the Visayas, according to the company. Together with the Dec. 14 Mandarin Oriental Makati reopening, these launches are set to extend the upgraded portfolio beyond the four flagship malls and will provide the next reported data points on how the renovation and upgrade playbook performs at the new and reopened properties.

Source: BusinessWorld