Ayala Land seals 12-year lease extension for Market! Market!, eyes P1-B upgrade

MANILA, Philippines — Ayala Land Inc. and the Bases Conversion and Development Authority (BCDA) are moving ahead with a P1-billion modernization of Market! Market! as the Bonifacio Global City (BGC) commercial center prepares to become an integrated retail and transport hub. Ayala Land-led Station Square East Commercial Corp. (SSECC) secured a 12-year and seven-month extension of its lease for the property. The move is seen as a significant step in Ayala Land’s strategy to enhance its retail portfolio and strengthen its position in BGC, one of the country’s premier central business districts. The P1-billion investment will focus on upgrading the existing facilities and introducing new features to make Market! Market! a more attractive destination for shoppers and commuters alike. Sources close to the development indicate that the modernization project will prioritize improved connectivity with public transportation, aiming to create a seamless transition for commuters. This includes potential enhancements to bus terminals and other transport links within the BGC area. The retail aspect will likely see the introduction of new brands and concepts to cater to a diverse customer base. Market! Market! has been a cornerstone of retail activity in BGC for years, serving a wide demographic. The planned upgrade is expected to not only boost its commercial viability but also contribute to the overall vibrancy and economic activity of the district. This aligns with the BCDA’s mandate to develop former military bases into economically productive areas. The investment in Market! Market! also reflects the continued confidence in the Philippine retail sector, which has shown resilience despite economic fluctuations. For Ayala Land, this lease extension and subsequent upgrade are crucial for maintaining its competitive edge in a market that is constantly evolving. Information Source: Inquirer Business