State-run Bases Conversion and Development Corp. (BCDA) announced over the weekend plans to redevelop Market! Market! Shopping Mall in Bonifacio Global City, Taguig.
“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,” said BCDA president and chief executive Joshua Bingcang.
BCDA is not discounting the possibility of allowing Ayala Land Inc., owner and developer or Market! Market! to participate in the planned redevelopment.
The lease with Ayala is ending in 2027, and BCDA said it is already preparing for the eventual disposition of the property.
“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.
He said the proposed plan for Market! Market! is a mixture of retail and possibly corporate and residential development.
The area, he said, is a prime location which is ideal for mixed-use development.
Market! Market! is a real estate development of Ayala Land Inc., the property subsidiary of Ayala Corp. and a part of the Ayala Malls chain.
BCDA generated P2 billion in revenues in 2023 and remitted P1.1 billion in dividends to the Bureau of the Treasury (BTr) in April 2024, double from P527 million in the previous year.