Market! Market!, the beloved shopping destination in Bonifacio Global City (BGC) known for its affordable offerings, is poised for a major transformation.
The Bases Conversion and Development Authority (BCDA) announced that the redevelopment of the shopping mall in Taguig City is underway as the property's lease is set to end in 2027.
Currently manged by Ayala Land Inc., the property arm of Ayala Corp. and part of the Ayala Malls chain, Market! Market! will be redeveloped into a mixed-use development.
BCDA President and Chief Executive Joshua Bingcang said the redevelopment of Market! Market! will align with the transit-oriented development vision of BGC, known for its upscale shopping centers, fine dining restaurants, trendy nightspots, and more.
Since its opening in 2004, Market! Market! has been a go-to destination for the middle market, offering a different experience compared to the luxury-focused establishments in BGC that cater to the upper socioeconomic class.
The Market! Market! Mall occupies a 9.7-hectare property, and BCDA's largest asset in the BGC district.
Bingcang said that the Ayala group has the option to participate in the asset's disposal, stating, "we see no reason why they cannot participate in the redevelopment of the site."
In another development, a different plot of land in BGC is also slated for redevelopment.
Following the recent board approval, the BCDA chief announced plans to tender their mixed-use development project located within the Navy village.
Last year, BCDA and the Department of National Defense (DND) initiated the construction of a nine-story residential building to relocate Philippine Navy personnel. This construction endeavor is expected to be completed next year.