PROPERTY giant Ayala Land Inc. (ALI) is expanding its shopping malls and offices portfolio to achieve its 2020 growth plan.
ALI chief finance officer and treasurer Augusto Bengzon expects next year to equal or exceed the 190,000 square meters of mall spaces and 180,000 square meters of office spaces it opened this year.
The company is targeting to double its mall spaces to over 3 million square meters by 2020 from 1.66 million this year and increase its office spaces to 1.5 million square meters from 840,000 square meters planned for 2017.
“If you look at our 2020 plan, we should be opening the same amount possibly,” he told reporters Friday.
Bengzon said they would establish malls in areas where economic activity is growing, particularly in Cavite, Laguna, Batangas, Rizal, and Quezon.
ALI grew its profit by 18 percent to P17.8 billion in the first nine months of 2017. Shopping centers posted revenues of P11.8 billion, while offices contributed P4.47 billion. p: wjg