đź“·travel.sygic.com
Market! Market! shopping mall in Bonifacio Global City (BGC), Taguig City is about to undergo a significant makeover as the property’s lease will expire in 2027, the state-run Bases Conversion and Development Corp. (BCDA) said over the weekend.
On the sidelines of a forum co-hosted with the Economic Journalists Association of the Philippines (EJAP), BCDA president and chief executive Joshua Bingcang said Market! Market! would be redeveloped into a mixed-use development property.
Market! Market!, which currently sits on a 9.7-hectare property, is currently managed by Ayala Land Inc., the property arm of Ayala Corp. and part of the Ayala Malls chain.
“It’s our last, single, big property in BGC. We will make sure that once we redevelop it, we will get the maximum value for the property,” Bingcang said, adding that the plan is in line with BGC’s transit-oriented development.
“In 2025, we will start the disposition of the property Market! Market! is renting from us. Right now, it is with Ayala, but we see no reason why they cannot participate in the redevelopment of the site,” Bingcang said.
Bingcang added that the Ayala group could take part in dispositioning Market! Market!, as BCDA “(sees) no reason why they cannot participate in the redevelopment of the site.”
Along with the Market! Market! property, Bingcang said that the BCDA also wants to turn a six-hectare plot of land across from the Senate headquarters in BGC into a mixed-use development. The Navy presently occupies this land.
Bingcang said that the agency will put out a call to bid for the project this week, as long as the Board agrees to the minimum price of P30 billion.
In 2023, BCDA made P2 billion in sales and sent P1.1 billion in payments to the Bureau of the Treasury (BTr) in April 2024, which was twice as much as the P527 million it sent the year before. (TCSP)
