The Bases Conversion and Development Authority (BCDA) is still firming up its plans for its Taguig property where the Market! Market! shopping mall is located, with the decision still hanging whether the store will continue to operate or if the land will instead be re-developed into an entirely new mixed commercial and residential property.
BCDA president and chief executive officer Joshua Bingcang said that they want to adjust the leasing rates, increasing the rent if the current holder, Ayala Land Inc., chooses to continue operating the shopping complex past the current contract which expires in 2027.
“For us to renew them, there are certain conditions including an updating of the lease rate because the lease rates that they have is circa 2001,” Bingcang said in a recent media roundtable discussion.
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Bingcang said the current zonal value for the10-hectare property is P65 billion while a market value assessment would put it closer to P100 billion.
“They themselves are aware that if they would choose to continue with just the mall, it might not be sustainable. So, they’re open to partnership with us for re-development,” added the BCDA executive.
Still, Bingcang said that a re-development would mean that the leasing of the property will have to go through an open bidding.
He also said that they prefer that at least two developers handle the re-development of the site, noting as well that they want to maximize the potential of the planned subway station that will be built in the site.
“What we are seeing is that the model will be a mix of a sale and lease,” said Bingcang, adding that residential areas in the re-development will be sold instead of rented out.
Bingcang added that the bidding process will be done in three phases in their master plan, with the first stage involving a six to ten-year development for a five-hectare portion of the land which has remained an open area.
“In the masterplan, it’s a combination of sale and lease,” he said, adding that they plan to build a station plaza and allocate spots for residential development in that portion.
The terms of reference (TOR) for the contract is expected to be completed by the first quarter of 2026, said Bingcang.