Market! Market! to get major overhaul after 2027 lease ends

The Bases Conversion and Development Authority (BCDA) has confirmed plans to redevelop the 10-hectare Market! Market! property in Bonifacio Global City (BGC), Taguig, once its lease agreement with Ayala Land ends in 2027.

Speaking at the One Clark Forum organized by the Economic Journalists Association of the Philippines, BCDA President and CEO Joshua Bingcang described the property as the agency’s last remaining major asset in BGC. He said BCDA intends to unlock its full value through a large-scale mixed-use development.

The formal disposition process is expected to begin in 2025, with Ayala Land possibly participating again through a public-private partnership model.

“We’re now preparing the process of disposing of the property. The lease will end in 2027, but we’ll start the bidding or disposition process by 2025. Ayala Land may still participate, but they would have to go through the same competitive challenge,” Bingcang said.

The Market! Market! site has long served as a retail anchor in BGC’s eastern corridor. Its redevelopment marks a significant shift in the landscape of the estate, as BCDA refocuses efforts on value-maximizing urban projects.

BCDA is also preparing to invite bids for a nearby six-hectare mixed-use development across the New Senate Building. That site, currently occupied by Philippine Navy facilities, will soon be cleared to make way for a project requiring at least %u20B130 billion in investments. The area will be highly accessible via the upcoming Senate-DepEd Station of the Metro Manila Subway.

With both projects, BCDA continues its transition from a defense-land steward to a key urban developer, positioning its assets to support national economic growth and sustainable urban planning.

These projects are expected to attract major local and foreign developers, especially as BGC remains one of Metro Manila’s most premium commercial districts. Market watchers anticipate that the redevelopment of the Market! Market! site could become one of the most closely watched bidding events in the Philippine property sector over the next two years.