This qualitative case study article explicated the perspectives of the stakeholders regarding the urbanization of heritage properties, specifically the old, walled area of Intramuros in the city of Manila with respect to the construction of the Filipino-Chinese Friendship Bridge (or the bridge). This study begins with a documentation analysis involving the collection of researches related to the subject and in-depth interviews with the different stakeholders, specifically the national and local government, the private sectors and the host community in Intramuros and Binondo. The case study approach is incorporated in the study to discern the issues arising from the subject site, while a thematic analysis is used as the most suitable technique to analyse the findings. The outcomes reveal the different viewpoints of the stakeholders concerning the matters in constructing the Filipino–Chinese Friendship Bridge between Intramuros and Binondo. In this context, authorities such as the government and non-governmental organizations (NGOs) should establish regulations that seek to protect and conserve the different heritage properties, as well as balance the demands for rapid urbanization. Due to the urban development, the integrity and significance of heritage properties are being compromised, which may result in the degradation of the local properties’ identity and culture.