MANILA – Ayala Land Inc. (ALI) is expanding its mall network with 8 new malls that the firm is planning to open until 2016.
“On projected malls, ALI aims to open a total of 8 malls within 2015 to 2016. On total malls so far, we have 16,” Suzette Naval, Ayala Land’s corporation communications manager, said on Monday.
One of these malls will be located in Legazpi, Albay through a partnership with Bicol-based LCC group. The mall is expected to open within the year.
"Bernard Vincent Dy, ALI president and CEO confirms the Legazpi Mall project which was reported in Philippine Daily Inquirer," Naval said.
In a disclosure to the stock exchange, ALI also said it is looking to spend P100 billion in capital expenditures this year to support the firm’s “aggressive growth trajectory” as part of its 2020 Vision program, which aims to achieve a 20 percent annual growth in the next six years.
“This will be supported by our recent P16 billion equity placement and a combination of cash, cash flow generated from our operations, dividends from our subsidiaries and an estimated P10-P15 billion in borrowings. The plans on the borrowings are still being evaluated based on market conditions to ensure that we maintain a healthy balance sheet position,” the firm said.
ALI is the firm behind the Glorietta and Greenbelt malls in Makati, and the Trinoma mall in Quezon City. The firm also has malls in Alabang, Cebu, Davao, Cagayan de Oro, Subic, Bacolod and Pampanga.