Megaworld Corp. is acquiring a 2.2-hectare property in the old San Lazaro Hippodrome in Tayuman from Manila Jockey Club.
The company is purchasing the property for P1.89 billion.
The property, which forms part of the now 16-hectare San Lazaro Tourism and Business Park, is seen to further boost Megaworld’s presence in the City of Manila, the company said.
“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 Tan, Megaworld chief strategy officer.
At present, Megaworld has around 300 hectares of land bank across the National Capital Region covering nine mixed-used development it calls an “integrated urban townships and lifestyle estates” located 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.
