The Ayalas and Sy's put up thier malls where they are because duh, there are no areas to build more in downtown areas. It's the rule of retail, you build where traffic is. Gone are they days when the "build and they will come" rule is the name of the game.
Again for now the only thing confirmed is the bid, the purchase--not yet. Don't worry I'm also rooting that they buy the property. =)