₱13.5 billion deal: Ayala Land sells Alabang Town Center stake back to Madrigal family

Ownership shake-up marks Ayala Land’s capital recycling strategy amid mixed signals in the Philippine real estate market.

Ayala Land, Inc. (ALI) sells its stake in Alabang Town Center (ATC), returning full ownership of the mall operator to the family that leases the land.

ALI sold its 50% stake in Alabang Commercial Center Corp., the company that owns and operates the mall, back to the Madrigal family for ₱13.5 billion.

“Proceeds from the sale will support further growth in our Leasing portfolio and offer stakeholders a return on capital,” the company said in a December 16, 2025 disclosure to the Philippine Stock Exchange (PSE: ALI).

Ayala Land, Inc. (ALI) sells its stake in Alabang Town Center, returning ownership to the family that leases the land.

A strategic move amid market shifts

The sale comes as ALI focuses on capital recycling—the practice of selling mature assets at peak valuation to fund a new wave of developments. The company’s Q3 2025 revenue was ₱121.83 billion, slightly down from ₱125.21 billion the previous year, a slump experts attributed to weaker residential property sales.

The company also bought back ₱3.5 million in shares on December 16.

The Madrigal family partnered with ALI in the 1960s to transform a 661-hectare mango farm in Muntinlupa into the residential and commercial area now known as Alabang. Alabang Town Center opened in 1982.

Repositioning assets

Ayala Land, Inc. is one of the Philippines’ largest publicly listed real estate developers, with a diversified portfolio spanning residential, retail, office, hotel and industrial projects nationwide. Incorporated in 1988 and listed on the Philippine Stock Exchange (PSE: ALI), the firm operates across more than 50 mixed-use estates, including major developments like the Makati Central Business District, Bonifacio Global City, and the eco-city of Nuvali in Laguna.

Its residential brands cover segments from mid-market to luxury, and its mall and office developments make it a key player in shaping major urban and suburban growth corridors across the country. 

Several factors are likely behind moves like the sale of Alabang Town Center. The Philippine real estate market in 2025 has been marked by mixed signals such as strong demand in some sectors like offices and logistics but slower absorption in residential segments, particularly with condo oversupply in Metro Manila and tempered housing demand. Developers have been repositioning assets and focusing on segments with better returns, which can include luxury, leasing, or regional growth hubs outside the capital.

Capital recycling: ALI broad strategy

For Ayala Land specifically, the broader strategy appears to include capital recycling, which is the selling or transferring of assets that may fetch strong valuations to free up funds for new developments or to strengthen its leasing and mixed-use pipeline amid evolving market dynamics. 

The Madrigal family is known for its real estate holdings and supports programs in health, education, agriculture, and livelihood development through the Consuelo Chito Madrigal Foundation.

With the Madrigal family back at the helm, Alabang Town Center enters a new chapter, combining its legacy as a premium lifestyle hub with potential new developments and management approaches, while continuing to serve as a key destination for shoppers and the community.

 

 

Mall goers may expect to see a change in management of Alabang Town Center amid the ownership shake-up.

 

 

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