Ayala Land Inc. (ALI) is seeing stronger returns from its flagship mall makeover, with occupancy hitting 90 percent in the first half of the year as the upgrades pulled in more shoppers and boosted revenues.

The property giant said Friday its shopping center lease-out rate improved from 87 percent a year earlier, while same-mall revenues grew 7 percent and visitor footfall rose 5 percent.

Mall EBITDA margin remained healthy at 61 percent, supported by higher occupancy, growing merchant sales and early gains from completed reinvention works.

“Our reinvention is about keeping our malls relevant as customer needs and retail continue to evolve,” said Mariana Zobel de Ayala, head of Leasing and Hospitality of Ayala Land.

“As we complete the physical transformation of our flagship assets, our focus is on strengthening the overall customer experience, supporting our tenants and ensuring that these properties continue to perform and create value over the long term.”

ALI began revamping its flagship malls in 2024, covering Glorietta, Greenbelt, Trinoma, and Ayala Center Cebu.

With the physical transformation substantially completed, the company is shifting its focus toward maximizing returns from the upgraded properties.

ALI is also lining up another wave of upgrades, with Ayala Malls Abreeza, Ayala Malls MarQuee and Ayala Malls Cloverleaf among the properties slated for reinvention.

Apart from refurbishing existing assets, the company is expanding its retail footprint to further grow its recurring income business.

ALI has launched Ayala Malls Arca South and is set to open Ayala Malls Gatewalk in Mandaue City, Cebu in December.

The company expects to deliver about 200,000 square meters of new retail gross leasable area this year, providing another growth avenue alongside improving performance from its existing mall portfolio.