Bureau of Corrections has unveiled plans to transform portions of the New Bilibid Prison property into a mixed-use commercial development ahead of the facility’s planned closure by 2028.

During a market sounding summit held in Muntinlupa, BuCor Director General Gregorio Pio Catapang Jr. said around 160 hectares of the NBP property would be opened for commercial leasing, while another 106 hectares are being eyed for Public-Private Partnership and joint venture arrangements.

Catapang said the initiative aims to generate steady revenues for the bureau’s modernization efforts, with projected lease earnings from the commercial area estimated at P1.25 billion to P1.92 billion annually. He stressed that the properties would not be sold and would remain under government ownership despite long-term lease arrangements.

Under the proposal, lease rates could range from P65 to P100 per square meter monthly, with upfront payments equivalent to five years of lease potentially reaching up to P9.6 billion. Improvements made on the property will remain owned by BuCor under a proposed 50-year contract with renewal options.

The summit gathered government officials and representatives from major property firms, including SM Prime Holdings, Robinsons Land, DoubleDragon Corporation, and Solaire Resort.