BCDA, Ayala Land to invest P1 billion in Market! Market! modernization

TAGUIG CITY, Philippines — The Bases Conversion and Development Authority (BCDA) and Ayala Land Inc.-led Station Square East Commercial Corp. (SSECC) have finalized a 12-year-and-seven-month lease extension for Market! Market! in Bonifacio Global City, paving the way for a planned P1 billion modernization of the commercial complex, the companies said.

The lease extension will take effect on June 5, 2027, when SSECC will begin the additional lease period, according to a joint media release issued by BCDA and Ayala Land.

Under the agreement, SSECC will commit P1 billion in capital investment to upgrade Market! Market! and prepare the property for integration with mass transit infrastructure planned for BGC, the release said.

“We are committed to reinventing and modernizing Market! Market! for its next act,” said Meean B. Dy, chairman of Station Square East Commercial Corp. and president and chief executive officer of Ayala Land Inc.

Dy said the renewal would involve investing in the existing property as the surrounding city and community evolve.

The modernization plan comes as BGC prepares for the Metro Manila Subway Project, which is planned to include a Bonifacio Global City station within the Market! Market! property.

BCDA said its transit-oriented development plans would repurpose part of Market! Market!’s Central Plaza to accommodate the subway station and support connections among rail, road and commercial facilities.

For BCDA President and Chief Executive Officer Joshua M. Bingcang, the lease extension forms part of the agency’s efforts to maximize the economic and social value of government assets.

“Market! Market! has long served as an accessible bridge connecting everyday Filipinos to the opportunities within BGC. As we integrate major mobility infrastructure such as the Metro Manila Subway into this development, BCDA and Ayala Land are together building a seamless, future-ready urban center that truly serves the public,” Bingcang said.

The companies said the planned investment builds on an earlier Ayala Land concept for the property known as “Convergence Square,” a mixed-use development envisioned around retail, public transportation and civic space.

The release said the future Bonifacio Global City station is expected to connect the district to other parts of Metro Manila, including key gateways such as Ninoy Aquino International Airport.

“With BCDA’s transport-oriented development plans and the future Metro Manila Subway station within the property itself, Market! Market! can evolve from one of BGC’s important gateways into an even more vital point of connection—bringing together rail, road, commerce, work, and everyday life in one of Metro Manila’s most dynamic business districts,” Dy said.

The release described the investment as part of Ayala Land’s strategy of strengthening existing assets and said it would support the government’s “Build Better More” infrastructure agenda.

Market! Market! has operated as one of BGC’s established commercial centers since the district’s early development.

Under the extended lease and proposed modernization program, the property is expected to take on a larger role in the district’s retail and transportation network.