Megaworld, Manila Jockey Club OK P1.89B deal for land near Chinatown

Tycoon Andrew Tan-led property developer Megaworld Corp. has signed a deal to acquire from Manila Jockey Club Inc. a rare 2.2-hectare urban land bank in Sta. Cruz, a district close to Manila’s Chinatown, part of the San Lazaro Tourism and Business Park, for about P1.89 billion.

“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,” said Kevin Tan, chief Megaworld strategy officer, in a disclosure to the Philippine Stock Exchange on Wednesday (Jan. 19).

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“When we finalize the purchase of this land in San Lazaro, this will surely be part of our township portfolio expansion in Metro Manila,” Tan said.

In a separate disclosure, Manila Jockey Club said it had agreed to sell, transfer and convey to Megaworld such parcels of land for a total purchase price of P1.89 billion.

“When we finalize the purchase of this land in San Lazaro, this will surely be part of our township portfolio expansion in Metro Manila,” Tan said.

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The article was originally published in Inquirer.net and written by Doris Dumlao – Abadilla.

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