Ayala Land commits US$16m to modernise Market! Market!

Ayala Land is set to invest 1 billion pesos (US$16 million) to modernise Market! Market! in Bonifacio Global City (BGC), as part of a new 12-year and seven-month lease extension with the Bases Conversion and Development Authority (BCDA).

The agreement will allow Ayala Land-led Station Square East Commercial Corporation (SSECC) to continue operating the shopping centre from 5 June 2027, with the investment aimed at upgrading the property and preparing it for integration with mass transit infrastructure planned for BGC.

The redevelopment comes ahead of the Metro Manila Subway Project, which will include a Bonifacio Global City Station within the Market! Market! property.

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The project is expected to change the role of the established commercial centre, bringing retail and mobility infrastructure together as BGC's transport network expands.

"For us, renewal does not simply mean building something new. It means looking again at the places we already have, understanding how cities and communities have changed around them and investing in them so they can create even more value for the next generation," said Meean B. Dy, chairman of Station Square East Commercial Corporation and president and CEO of Ayala Land.

Market! Market! was originally conceived as part of Ayala Land's 2000 master plan for "Convergence Square", a mixed-use development concept built around retail, public transport and civic space.

More than two decades later, the property is set to take on a larger mobility role through the planned subway station. The Bonifacio Global City Station will connect the district to the wider Metro Manila rail network, including key gateways such as Ninoy Aquino International Airport (NAIA).

Under BCDA's transit-oriented development plans, part of Market! Market!'s Central Plaza will be repurposed to accommodate the integration, positioning the property as an intermodal connection point linking rail, road, retail and surrounding commercial activity.

"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 - bringing together rail, road, commerce, work, and everyday life in one of Metro Manila's most dynamic business districts," Dy said.

For BCDA, the extended partnership is intended to increase the value generated from the government-owned property while supporting BGC's development as a business and mobility district.

"Market! Market! has long served as an accessible bridge connecting everyday Filipinos to the opportunities within BGC. As we integrate major mobility infrastructure such as the Metro Manila Subway into this development, BCDA and Ayala Land are together building a seamless, future-ready urban centre that truly serves the public," said BCDA president and CEO Joshua M. Bingcang.

The 1-billion-peso commitment will support the commercial centre's next phase as BGC expands its mass transit infrastructure, shifting Market! Market!'s positioning beyond a conventional retail destination towards an integrated retail, mobility and community hub.

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