Market! Market! is set for a P1-billion overhaul that will reposition the property as a major retail and transport hub to capture rising commuter traffic and commercial activity as Bonifacio Global City enters its next phase of growth.

The Bases Conversion and Development Authority (BCDA) and Ayala Land Inc.-led Station Square East Commercial Corp. (SSECC) have finalized a 12-year and seven-month lease extension for the commercial center, paving the way for fresh investment ahead of its integration with the Metro Manila Subway.

Under the agreement, SSECC will continue operating the Market! Market! for another 12 years and seven months beginning 5 June 2027, while committing P1 billion in capital investment to modernize the property.

A longer runway

The investment gives Ayala Land a longer runway to extract value from one of BGC’s established commercial assets as new transport infrastructure reshapes foot traffic and development around the business district.

The Metro Manila Subway Project will have its Bonifacio Global City Station within the Market! Market! property, positioning the mall to benefit directly from greater connectivity between BGC, other parts of Metro Manila, and key gateways such as the Ninoy Aquino International Airport.

“We are committed to reinventing and modernizing Market! Market! for its next act,” SSECC chairman and Ayala Land president and CEO Meean B. Dy said in a statement on Monday.

“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.”

The redevelopment will shift the Market! Market! beyond its traditional role as a shopping center toward a transit-oriented development integrating retail, road and rail connections within one of Metro Manila’s largest business districts.

BCDA’s transit-oriented development plans will repurpose a portion of the property’s Central Plaza to support the subway integration, further establishing Market! Market! as an intermodal mobility hub.

For BCDA, the lease extension also provides a way to maximize the long-term economic and social value of a government property as BGC continues to attract businesses, workers, residents, and investments.

“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 center that truly serves the public,” BCDA president and CEO Joshua M. Bingcang said.

Market! Market! traces its roots to Ayala Land’s original 2000 master plan for “Convergence Square,” which envisioned a mixed-use development built around the convergence of retail, public transport and civic space.

More than two decades later, the arrival of the subway is reviving that concept and giving the property a larger role in BGC’s transport and commercial network.

“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.