Bilyonaryo Andrew Tan is further expanding Megaworld Corp.’s presence in Manila with the planned purchase of a 2.2 hectare property owned by Manila Jockey Club Inc. of the Reyno family for P1.89 billion.
In separate filings with the stock exchange, Megaworld and Manila Jockey said they signed a memorandum of agreement with respect to the sale of certain parcels of land in Sta. Cruz, Manila.
Manila Jockey said the transaction is subject to the submission of closing documents.
The property, which forms part of the historic 16-hectare San Lazaro Tourism and Business Park in the northern part of Manila, is seen to boost Megaworld’s revenue stream and client base.
“Currently, our big projects in the City of Manila are concentrated in Binondo district, particularly within our Lucky Chinatown project where we have a lifestyle mall, condominium towers, a cultural museum, and a hotel. When we finalize the purchase of this land in San Lazaro, this will surely be part of our township portfolio expansion in Metro Manila,” said Kevin L. Tan, chief strategy officer at Megaworld.
Megaworld has around 300 hectares of land bank across the National Capital Region covering nine integrated urban townships and lifestyle estates in Quezon City, Taguig City, Pasay City, Parañaque City, Las Piñas City, Pasig City, and the City of Manila.
In total, the company has close to 5,000 hectares of land bank across the Philippines.