Ayala Land to spend P1 billion for Market! Market! facelift

MANILA, Philippines — The Zobels have secured the government’s approval to expand its lease on Market! Market! for more than 12 years in exchange for a P1-billion pledge to turn the property into a retail-mobility hub.

Ayala Land Inc. (ALI) yesterday signed a lease extension for Market! Market!, covering 12 years and seven months beginning June 5, 2027, ahead of the railway transformation in Bonifacio Global City (BGC).

The extension was issued by the Bases Conversion and Development Authority (BCDA) to ALI unit Station Square East Commercial Corp. (SSECC).

In exchange, SSECC will invest up to P1 billion for the redevelopment of Market! Market! into a retail-mobility hub. The amount will also cover the integration of Market! Market! into the BGC Station of the Metro Manila Subway Project (MMSP).

The station is located within the Market! Market! complex, so the mall has to prepare for higher foot traffic. BCDA president and CEO Joshua Bingcang said it is crucial for SSECC to rebuild Market! Market! given that its original design had no railway in place.

“As we integrate major mobility infrastructure such as the MMSP into this development, BCDA and Ayala Land are together building a seamless and future-ready urban center that truly serves the public,” Bingcang said.

Market! Market!’s master plan drawn up in 2000 described the property as a convergence square meant for mixed uses of open spaces, public transport and retail and shopping.

Now, Bingcang wants ALI, through SSECC, to integrate the development of the MMSP into the master plan, especially with how the subway would change the BGC landscape.

BCDA will repurpose a portion of Market! Market!’s central plaza into a transit-oriented space. The objective is to transform the property into an intermodal hub where commuters can go from one place to another in whatever transport mode they prefer.

The MMSP, costing P488.5 billion and co-funded by Japan, will also connect BGC to the Ninoy Aquino International Airport. MMSP is the country’s first underground railway project, spanning between Valenzuela and NAIA.

SSECC president and CEO Ana Ma. Margarita Dy said the BCDA can trust the company to rebuild Market! Market! into the retail-mobility hub it envisions.

“We are committed to reinvent and modernize Market! Market! for its next act,” Dy said.