Market! Market! site being readied for redevelopment

THE Bases Conversion and Development Authority (BCDA) said the Market! Market! site in Bonifacio Global City (BGC) is set for disposal and redevelopment once its lease ends in 2027.

“The Market! Market! land will be redeveloped, and it will be mixed-use,” BCDA President and Chief Executive Officer Joshua M. Bingcang said at the One Clark Forum organized by the BCDA and the Economic Journalists Association of the Philippines.

“It is our single last big property in BGC, and we want to make sure that once we redevelop it, we’ll get the maximum value for the property,” Mr. Bingcang added of the 10-hectare semi-open air retail site managed by Ayala Land, Inc.

The BCDA plans to redevelop the site under a public-private partnership.

“Right now, it’s (the lease is) with Ayala, and of course Ayala can still participate in the redevelopment,” he said.

Meanwhile, the BCDA is also set to release the invitation to bid for the six-hectare mixed-use development in front of the Senate headquarters in Taguig after receiving approval from its board.

“We will publish the terms. But the proposal we got is that the investment should be at least P30 billion,” he said.

Located in front of the New Senate Building, Mr. Bingcang said that the area is a prime location as there will also be a Metro Manila Subway station in the area, which is the Senate-DepEd (Department of Education) Station.

“This is very prime. But right now, it is being occupied by the Navy. So, we will clear out the navy first,” he said. — Justine Irish D. Tabile