Ayala in talks with BCDA to extend Market! Market! lease

MANILA, Philippines – The Ayala group is in talks with the Bases Conversion and Development Authority (BCDA) on extending the lease of the Market! Market! mall in Taguig City for up to 15 years.

Joshua Bingcang, president and chief executive officer of BCDA, told the Inquirer that Ayala Land Inc. wants to continue only with the mall but not the surrounding area. The current lease that covers a site of about 10 hectares will expire in 2027.

READ: Japan firms, ALI eye Market! Market! project

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“They [Ayala group] are asking for a 10- to 15-year extension [of the lease for the mall],” Bingcan said.

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“They already gave us updated rates, and that’s what we’re studying,” Bingcang said. “We are going to get the Asian Development Bank to help us, advise us [on this matter].”

Regarding the areas aside from the mall, the BCDA chief said the Ayala group was “no longer interested” in these. Thus, BCDA will “totally bid out” those areas.

Bingcang added that any extension of the lease is subject to certain conditions. For one, the rates would be updated based on market conditions.

The Ayala group would also “need to invest because the mall is dated. They’re going to need to provide us with an investment plan,” he added.

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In October 2024, Bingcang said BCDA wanted to update the leasing rate because the current contract is based on lease rates that are “circa 2021.”

READ: BCDA still finalizing plans to re-develop Market! Market!

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He said that, back then, the zonal value for the 10-hectare property was P65 billion, while a market value assessment would put it closer to P100 billion.

Bingcang also said BCDA planned to bid out contracts for a six-year to 10-year development for a five-hectare portion of the property, which has remained an open area.

He said that BCDA was looking at building a transport station plaza and allocating spots for residential development in that portion.

When ground was broken for the development of the Market! Market! complex in August 2022, it promised a huge open area for patrons who want freshly cooked food and dine al fresco.

The design also included zoned and “themed” bazaars and a flower’s market.

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The public got to test the promised “market-style” shopping experience when the complex opened in 2004. INQ