Township developer Megaworld Corp. is acquiring a 2.2-hectare property in Sta. Cruz, Manila from Manila Jockey Club Inc. (MJCI) for P1.89 billion.
In separate disclosures to the Philippine Stock Exchange, the two firms said they have entered into a Memorandum of Agreement (MOA) for the purchase of the prime real estate in Manila.
MJCI said it has agreed to sell, transfer and convey to Megaworld all of its rights, title and interest in certain parcels of land, located in Sta. Cruz, Manila, with an aggregate area of 22,143.50 square meters for a total purchase price of P1.8 billion.
It added that, “the definitive sale agreements shall be executed upon the submission of closing documents to the satisfaction of buyer.”
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 further boost Megaworld’s presence in the City of Manila.
“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 Megaworld Chief Strategy Officer Kevin L. Tan.
He added that, “when we finalize the purchase of this land in San Lazaro, this will surely be part of our township portfolio expansion in Metro Manila.”
At present, 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.