Ayala Land to Spend P1 Billion on Market! Market! Overhaul

MANILA, Philippines — Ayala Land Inc. (ALI) is set to invest P1 billion in the redevelopment of its Market! Market! property, transforming it into a retail-mobility hub. This significant investment comes as the company secured a lease extension of 12 years and seven months for the mall, starting June 5, 2027, from the Bases Conversion and Development Authority (BCDA). The redevelopment is strategically timed to coincide with the integration of the Metro Manila Subway Project (MMSP) into the Bonifacio Global City (BGC) area, where Market! Market! is located. The MMSP, co-funded by Japan, is the country's first underground railway project, connecting Valenzuela to the Ninoy Aquino International Airport (NAIA). SSECC, an ALI unit, will invest the P1 billion for the overhaul, which includes integrating Market! Market! with the BGC Station of the MMSP. BCDA president and CEO Joshua Bingcang emphasized the necessity of rebuilding Market! Market! given its original design predated the railway infrastructure. "As we integrate major mobility infrastructure such as the MMSP into this development, BCDA and Ayala Land are together building a seamless and future-ready urban center that truly serves the public," Bingcang stated. The master plan for Market! Market!, conceived in 2000, envisioned it as a convergence square for mixed uses including open spaces, public transport, and retail. The BCDA plans to repurpose a portion of the mall's central plaza into a transit-oriented space, aiming to create an intermodal hub facilitating seamless travel across various modes of transportation. SSECC president and CEO Ana Ma. Margarita Dy expressed confidence in the company's commitment to modernize the mall for its "next act." This initiative is expected to enhance commuter convenience and stimulate economic activity within BGC and surrounding areas, reinforcing the synergy between urban development and public transportation infrastructure in the Philippines.