Ayala Land's Market! Market! Lease Ends in 2027, BCDA Says

(SPOT.ph) Following Greenbelt 1’s planned demolition and revamp, it seems that Market! Market! is next in line, with plans to transform it into a mixed-use development when its lease ends in three years.

This comes as the property’s overseer, the Bases Conversion and Development Authority (BCDA), said that the shopping mall's current lease by Ayala Land Inc. will expire in 2027 as reported by BusinessWorld. After which it is set for “disposal and redevelopment.”

Opened in 2004, Market! Market! currently sits on a 9.7-hectare plot of land operated by Ayala Malls. The mall was one of the first shopping centers to open in the area and was already a popular hub before BGC cemented itself as an upscale area. It is home to a host of themed bazaars, a hawker's market, and bargain stores.

Also read: Greenbelt 1 Was Dear To Me Too But Demolition is The Respectful Thing To Do

What to expect with the Market! Market! redevelopment

“The Market! Market! land will be redeveloped—and it will be mixed-use,” BCDA CEO Joshua Bingcang said at the One Clark Forum organized by the BCDA and the Economic Journalists Association of the Philippines.

A mixed-use development is a real estate project that combines several types of uses within a single building or complex. The goal is to create a space that integrates various aspects of everyday life, such as living, working, shopping, and leisure, into one conveniently accessible location. 

Ayala Land Inc.'s lease ends in 2027, but BCDA's disposition of the asset will happen two years before, specifically in 2025 as reported by GMA Network. This early start allows for planning and implementation of the transition to new development or ownership before the lease will officially expire.

With high expectations on the project, Bingcang stated that the redevelopment is in line with the vision for a transit-oriented BGC, which includes high-end shopping centers, fine dining, and trendy nightspots.

“It is our single last big property in BGC. We want to make sure that once we redevelop it, we’ll get the maximum value for the property,” Bingcang said, adding that Ayala group is expected to have the opportunity to participate in the redevelopment process. “Right now, [the lease is] with Ayala, and of course Ayala can still participate in the redevelopment.”

Other redevelopment sites in BGC

In addition to the changes at Market! Market!, BCDA is also gearing up to revamp another significant plot in BGC. This six-hectare plot in front of the upcoming Senate headquarters is set for bidding under a public-private partnership, following its recent board approval. This area is expected to benefit from its proximity to the upcoming Metro Manila Subway station at the Senate-DepEd station.

The BCDA has also collaborated with the Department of National Defense (DND) to construct a new residential building for Philippine Navy personnel in the area, with a completion target of 2025.

What is the BCDA? 

The BCDA is the government corporation in charge of converting lands once used by U.S. forces in the Philippines. They were signed into law by the late President Cory Aquino in March 1992 under RA 7227. Under the state agency, several developments have been made alongside private partners and investors including the BGC area, Clark Freeport Zone, New Clark City, Camp John Hay, Bataan Technology Park, and more.

Older generations might have grown up calling the BGC area Jusmag, after the now-defunct Joint US Military Assistance Group that once occupied the area. Military bases have also always remained in the area, with the Fort Bonifacio Naval Station still occupying the land near where the senate building is under construction. 

It was in 1995 that the BCDA signed into a joint venture with a consortium led by Metro Pacific Investments Corporation to create the Fort Bonifacio Development Corporation (FBDC). This was picked up by Ayala Land, Inc. in 2003. 

Also read: LOOK: Greenbelt, Glorietta, and TriNoma Are Getting a Makeover