The Bases Conversion and Development Authority (BCDA) plans to bid out a four-hectare property near Market! Market! in Bonifacio Global City by 2027, putting a potentially P40-billion site on the market for a major mixed-use development.
BCDA President and CEO Joshua Bingcang said the agency aims to finalize the terms of reference by the first quarter of 2027, setting the stage for developers to compete for the prime BGC property.
“I think we’re preparing the terms by the latest first quarter of 2027,” Bingcang said on the sidelines of a forum hosted by the Foreign Correspondents Association of the Philippines.
The site could support offices, hotels, commercial facilities and other components of a transit-oriented development. BCDA is also open to pursuing the project through a joint venture rather than an outright land sale.
Bingcang estimated the four-hectare property could be worth about P40 billion, based on a land valuation of roughly P1 million per square meter.
The state-owned developer is already sounding out potential investors, including Japanese groups. Bingcang said he expects to discuss the project with prospective partners during a Japan trip later this month.
“At least three to four developers,” he said when asked about potential participants.
The planned bidding is separate from BCDA’s recently approved extension of the Market! Market! lease to Ayala Land-led Station Square East Commercial Corp.
The 12-year-and-seven-month extension starts June 5, 2027, keeping the mall under its current operator through 2039 and requiring a P1-billion modernization program.
The new project is part of BCDA’s broader plan to develop transit-oriented communities around four Metro Manila Subway stations, including the future Market! Market! station.
BCDA has said the district could take cues from Tokyo’s Shibuya, where commercial developments are closely integrated with major transport infrastructure.
