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Manila Bulletin devider Business devider Trade & Industry devider BCDA sets stage for bidding war over Market! Market! site

BCDA sets stage for bidding war over Market! Market! site

Published Feb 9, 2026 12:00 am  |  Updated Feb 9, 2026 05:58 am
The Bases Conversion and Development Authority (BCDA) is firming up the opening salvo of what could be a heated competition among multiple companies vying for the planned redevelopment of the Market! Market! site at Bonifacio Global City (BGC) in Taguig City.
BCDA President and Chief Executive Officer (CEO) Joshua Bingcang said the state-run firm is now preparing to issue a request for expressions of interest for the proposed transit-oriented development (TOD) of the 10-hectare (ha) property.

This comes as the current contract with developer Ayala Land Inc. (ALI) requires that a lease renewal be finalized a year before its expiration in 2027.

With the help of the Japan International Cooperation Agency (JICA), which crafted the TOD framework for the site, the BCDA will soon commence the bidding process for the project.

To maximize the site’s full potential, Bingcang said they are looking at several developers to helm the project, given the scale and complexity of the TOD plan, which no single firm can absorb on its own.

“What I see now is at least two or three developers, so there will be competition,” he added, indicating that they would need to form a consortium.

TOD, which was popularized in Japan, integrates public transportation hubs with mixed-use developments, including commercial and residential establishments.

In the case of the Market! Market! site, it will be home to a future Metro Manila Subway station, which will be complemented by feeder systems such as jeepneys and buses.

Bingcang said a number of major developers have already signaled their interest in the proposed TOD, including a Japanese construction giant that has developed several projects within BGC.

“And it’s good that Ayala Land has stepped forward to say that they want to be part of the redevelopment,” he added.

Since ALI has been a longtime government partner for Market! Market!—becoming the first locator in the former military base-turned financial district—the BCDA is open to the possibility of simply renewing its lease on the site.

However, in the event that the project is awarded to a different developer, Bingcang said there is no cause for concern among businesses operating in the Market! Market! shopping complex.

Based on the TOD plan, he noted that the area surrounding the subway station would be developed first, particularly the site’s current parking space.

The potential demolition of the mall will come in the third phase of the project, with Bingcang saying there would be “no disruption of business.”

The redevelopment of the Market! Market! site as a TOD coincides with the BCDA’s plan to update BGC’s two-decade-old master development plan to make it more people-centric.

Last month, the BCDA forged a partnership with professional services firm SGV & Co. to craft the development framework that will serve as the estate’s guide for its next phase of growth.

Bingcang said central to this effort is reducing car use within BGC and deploying more public transit options to cater to more commuters and ease congestion.

The BCDA is keen on making the modern financial hub more accessible to all sectors of society, shedding the perception that it is merely a playground for wealthy elites.

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