BIZ BUZZ: Say goodbye to Greenbelt 1

By Daxim L. Lucas | Philippine Daily Inquirer
July 12, 2023

One of Ayala Land Inc.’s flagship shopping malls—and its oldest—will be torn down by the first half of next year to make way for a new property development, a ranking official of the property developer confirmed to Biz Buzz on Tuesday.

We are, of course, talking about Greenbelt 1 on the corner of Paseo de Roxas and Legazpi Street in Makati City, which has been an icon and landmark in the area since it opened its doors to the public in 1988.

Back then, it was an avant garde shopping mall with a quarter of a million square meters of leasable space in a low-rise setup. But current trends have left it behind, and the owners of the property have decided that this is no longer the most efficient use of space, as evidenced by succeeding Greenbelt phases (2 to 5), which have more floors, more retail space, and provisions for multi-use developments.

So to maximize the premium Makati commercial space, Ayala Land will tear down this old mall to redevelop it into a newer, more modern complex that will include, naturally, shopping areas, possibly a large park at the corner of Paseo and Legazpi (currently occupied by the old parking building), office spaces, a hotel (where McDonald’s currently stands) and a larger cinema complex.

The good news for green advocates is that the current Greenbelt Park and chapel will remain largely untouched.

Biz Buzz heard that existing Greenbelt 1 tenants have already been advised by Ayala Land of the plan to close the oldest section of the shopping mall by the first semester of 2024, so they will have to relocate to other spaces for the time being. Just for how long remains to be seen.