MANILA, Philippines — Real estate giant Megaworld Corp. is expanding its township portfolio as it is set out to buy 2.2 hectares of land from Manila Jockey Club Inc.'s San Lazaro estate.
In a disclosure to the Philippine Stock Exchange on Wednesday, Andrew Tan-led Megaworld said the purchase will boost its presence in Manila, since the property is attached to the historic 16-hectare San Lazaro Tourism and Business Park.
For this transaction, Megaworld has entered into a memorandum of agreement with the Manila Jockey Club.
“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,” Kevin Tan, company chief strategy officer, said.
“When we finalize the purchase of this land in San Lazaro, this will surely be part of our township portfolio expansion in Metro Manila,”
The property developer has an estimated 300 hectares of land within Metro Manila that covers nine integrated urban townships and lifestyle estates.
Shares in Megaworld fell 0.31% on Wednesday to finish midweek trading at P3.18 apiece.