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BCDA to start disposition of Market! Market! in 2025

The Bases Conversion and Development Authority (BCDA) is planning to redevelop the Market!Market! area into a mixed-use property in the next two years with the disposition of the asset starting in 2025, as the agency seeks maximum gains.

On the sidelines of a forum co-hosted with the Economic Journalists Association of the Philippines (EJAP), BCDA president and chief executive officer Joshua Bingcang said the redevelopment will be in line with a transit-oriented development of the Bonifacio Global City (BGC).

“Market! Market! land will be up for redevelopment, so it will be a mixed-use. Of course, it is our single last big property in BGC and we want to make sure once we redevelop it we’ll get the maximum value for the property,” he told reporters.

According to Bingcang, the lease arrangement for the land entered into with the Ayala Group will end in 2027, and the disposition of the asset will be two years before, in 2025.

“Right now it’s with Ayala. Of course, Ayala can still participate in the redevelopment,” he said.

Located along the McKinley Parkway in BGC, Taguig, Market! Market! is operated by Ayala Malls, which is a subsidiary of Ayala Land Inc.

Aside from the Market! Market! property, Bingcang said the BCDA is also looking to develop a six-hectare property across the Senate headquarters in BGC into a mixed-use development, with the property currently occupied by the Navy.

Bingcang said the agency is set to publish the invitation to bid for the project this week after securing the Board approval, with the minimum pegged at P30 billion.

The BCDA is mandated to help strengthen the Armed Forces of the Philippines (AFP), while building cities. It also engaged in public-private partnerships to boost public infrastructure such as tollways, airports, seaports, and major real estate developments.—AOL, GMA Integrated News