Ayala Land has already sent its Christmas list to the North Pole and asked Santa for full malls and a market recovery in time for the holidays. Importantly, the developer believes both are likely to happen barring another COVID-19 outbreak or other unforeseen restrictions.
“We see encouraging signs of recovery,” Ayala Land President and CEO Bernard Vincent Dy explained to shareholders during the firm’s annual meeting. “The company will continue to focus on its innovations to improve operating efficiency, project delivery and customer engagement as the country enters the recovery phase.”
PhilStar Global reported Ayala Land’s mall business has seen a significant increase in foot traffic during March and April. This should continue to rise over the coming months and reach pre-pandemic levels in time for the holiday season. That would be a much welcome gift for everyone.
With retail business picking up, the developer has announced plans to open two new shopping complexes this year. The first will be a space at the Ayala Triangle Gardens Tower 2, and the second is the first phase of Vermosa Mall in Cavite.
Read More: Data centers primed to be the next big growth area for the Philippine real estate industry
Ayala Land foresees a larger market recovery in 2022
There is hope for the hotel and office property market segments as well. Ayala Land believes both are on the road to recovery, even if each one is still adapting to the post-pandemic way of operating.
For example, hybrid working arrangements could become a permanent fixture for businesses which would impact demand for office space. As the real estate market recovers, the key for Ayala Land is to understand what works and what needs to be innovative in the face of changing consumer preferences.
“I believe that all our major businesses will remain relevant post-pandemic. Some will even benefit from the changes in consumer preferences, while a few businesses will require a higher level of reinvention, with changes that we need to implement quickly,” Dy proclaimed.
Keep Reading: Commercial real estate in the Philippines expected to rebound this year
