The Bases Conversion and Development Authority (BCDA) is evaluating the possible renewal of Ayala Land’s lease over Market!Market! ahead of its 2027 expiration, as plans for a large-scale, transit-oriented development (TOD) in Bonifacio Global City (BGC) gain momentum alongside the Metro Manila Subway Project.
BCDA President and Chief Executive Officer Joshua Bingcang said the potential lease extension is being assessed within a broader phasing strategy tied to subway construction and the long-term redevelopment of key BGC sites, widely regarded as among the government’s most valuable real estate assets.
“It’s a possibility that we will renew them, depending on the phasing plan of the TOD,” Bingcang said, emphasizing that any decision will aim to prevent business disruption while maximizing redevelopment value. Lease renewal discussions typically begin a year before contract expiry.
Bingcang stressed that continuity for locators remains a priority. “The point there is no disruption of business,” he said.
While Market!Market! continues to serve as a major commercial anchor, BCDA expects the first major TOD-related redevelopment to focus on adjacent areas, particularly the existing parking lot earmarked for the subway station plaza.
“The subway station will not be under Market!Market!. This is the parking space, the station plaza. So that will be the first redevelopment,” Bingcang said.
The Market!Market! station is planned under Phase 3 of the Metro Manila Subway, which will feature 10 stations within BGC, including stops near the Senate and Uptown areas.
To support planning, BCDA has tapped the Japan International Cooperation Agency for technical assistance, building on earlier studies related to subway construction. Global firms SGV and EY are leading the BGC master planning, with a focus on sustainability, mobility, and managing density.
Given the scale of the project, Bingcang said BCDA is pursuing a multi-developer, competitive approach and will issue requests for expressions of interest. Ayala Land has already signaled interest, while Japanese developers may also be invited.
“BGC is a crown jewel,” Bingcang said, “but development must be balanced, well-planned, and aligned with long-term transport and sustainability goals.”
