AYALA Land Inc. (ALI)-led Station Square East Commercial Corp. (SSECC) will invest P1 billion to modernize Market! Market! in Bonifacio Global City (BGC), following a 12-year and seven-month lease extension with the Bases Conversion and Development Authority (BCDA).
Ayala Land President and CEO and Station Square East Commercial Corp. Chairman Meean Dy said the company’s reinvestment in the property is intended to adapt Market! Market! to the changing needs of BGC and its surrounding communities.
“We are committed to reinventing and modernizing Market! Market! for its next act,” Dy said.
Meanwhile, BCDA President and CEO Joshua Bingcang said the lease extension and investment would support the government’s efforts to maximize the economic and social value of its assets.
“Market! Market! has long served as an accessible bridge connecting everyday Filipinos to the opportunities within BGC,” he added.
Bingcang said the integration of mass transit infrastructure, including the Metro Manila Subway, would help develop the property into a more connected urban center.
Under the agreement, SSECC will continue operating the commercial center for an additional 12 years and seven months beginning June 5, 2027, with the committed capital investment aimed at upgrading the property, and preparing it for integration with mass transit infrastructure serving BGC.
The redevelopment comes as the Metro Manila Subway Project advances, with the planned Bonifacio Global City Station to be located within the Market! Market! property.
The project is expected to strengthen the commercial center’s role as a retail and mobility hub in one of Metro Manila’s major business districts, with BCDA’s transit-oriented development plans calling for a portion of the property’s Central Plaza to be repurposed to support the integration of transport infrastructure.
For SSECC, the investment also supports ALI’ strategy of reinvesting in established properties to enhance their long-term value.
“With BCDA’s transport-oriented development plans and the future Metro Manila Subway station within the property itself, Market! Market! can evolve from one of BGC’s important gateways into an even more vital point of connection,” Dy concluded.
On Monday, Ayala Land’s share price rose by 6 centavos to close at P15.12 each.
