Ayala Land gets 12-year lease extension for Market! Market!, commits P1B - GMA Network

Ayala Land Inc.-led Station Square East Commercial Corporation (SSECC) has secured a 12-year lease extension for Market! Market! in Taguig City, committing P1 billion in capital investment to modernize the property and prepare it for integration with major mass transit infrastructure.

According to the Bases Conversion and Development Authority (BCDA), the lease extension for the property along McKinley Parkway in Bonifacio Global City will run for an additional 12 years and seven months starting June 5, 2027.

BCDA president and chief executive officer Joshua Bingcang earlier said the agency would begin the disposition of Market! Market! in 2025 as it planned to redevelop the property into a mixed-use development that would also host a station of the Metro Manila Subway.

“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,” Bingcang said in a statement released Monday.

The Department of Transportation (DOTr) is targeting a demonstration run of the Metro Manila Subway in the first quarter of 2028.

Market! Market! is part of Ayala Land’s original 2000 master plan for “Convergence Square,” a mixed-use concept integrating retail, public transit and civic space.

“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,” ALI president and chief executive officer and SSECC chairman Anna Ma. Margarita Dy said.

Shares in ALI last traded at P15.10 apiece, up 4 centavos, or 0.27%, from Friday’s close of P15.06.— MCG, GMA News