State-run Bases Conversion and Development Authority (BCDA) expects to renew the lease contract with Ayala Land Inc. (ALI) for the operation of Market Market! in Bonifacio Global City (BGC), Taguig.
“We are open to the renewal,” said Engr. Joshua M. Bingcang, BCDA president and CEO.
ALI’s land lease contract with BCDA for the operation of Market Market! will expire in 2027, and the company has sought the renewal of the agreement.
“It’s a possibility (renewal), we are just seeking the help of the Japan International Cooperation Agency (JICA) because they did the Transport-Oriented Development (TOD) of the entire BGC owing to the subway construction…” Bingcang said, noting that the Market Market! redevelopment is among BCDA’s major projects this year, particularly in terms of revenue generation.
Based on their earlier meeting, Bingcang said ALI has been very cooperative in finalizing the commercial arrangement. “We’re thankful, we are appreciative they are our first mover, first locator of BGC,” he said, noting that Market Market!, along with The Fort, were the only developments visible in BGC when the area was still largely a sprawling parking lot.
Bingcang explained that BCDA’s objective is to fully maximize the use and potential of the property, an approach to which ALI has been very receptive.
Market Market!
The Market Market! property spans approximately 10 hectares, with the mall structure occupying about five hectares and the remainder consisting of open spaces. Market Market! opened in 2004 and is known for catering to the middle market, providing a contrast to the luxury-focused developments elsewhere in BGC.
BCDA aims to maximize the full potential and use of the Market Market! area, which is located at the rear of the planned Manila Subway station and is likely to be included in Phase 3 of the TOD master plan for the entire BGC.
The subway station, to be situated near the Market Market! parking area, will serve as the first phase of the redevelopment.
TOD participants
Given the scale of the TOD plan for BGC, BCDA will also welcome other participants in the large-scale redevelopment of what it described as one of the country’s most sought-after real estate assets.
“We will issue request for expression of interest,” said Bingcang, reiterating that “no single developer can absorb the full development of that project.”
He added that ALI has also stepped forward to be part of the TOD. BCDA also welcomed ALI’s interest.
Japanese firms have also expressed strong interest in participating, given their positive experience with Federal Land in the Uptown development.
He expects other top developers to join in the redevelopment of BGC.
Masterplan
SGV & Co. (EY Philippines) has been tapped by BCDA to serve as lead consultant for the updated BGC Master Development Plan, with a focus on transit-oriented development. The project officially commenced in January 2026, with completion of the updated plan expected by September 2026.
The initiative seeks to update the two-decade-old BGC master plan by making it more people-centric and responsive to current and future urban challenges, including traffic congestion, infrastructure constraints, and climate risks.
The TOD plan for BGC focuses on sustainability and mobility, with the goal of protecting remaining areas and balancing density, while recognizing BGC as a highly valuable real estate asset. “Government still would like a balanced development,” he said.
SGV EY has also been tasked to announce forthcoming developments in BGC. The overarching objective is to reduce the number of private vehicles and increase reliance on mass transport, as the business district has become increasingly congested, particularly during peak hours.
“They need to do an overall review of the transport plan and a traffic study,” Bingcang said. Aside from Market Market!, other major components of the redevelopment include The Fort and the Senate area in the southern portion of BGC.
The completion of the subway, with three stations in BGC—Senate, Market Market, and Uptown—is expected to significantly ease traffic in the business district.
The Department of Transportation is expected to begin construction of the BGC subway in the first quarter, following BCDA’s signing of an agreement with the Department of Public Works and Highways in December last year to allow construction to proceed.
