January 19, 2022 | 3:53 p.m.
MANILA, Philippines — Real estate giant Megaworld Corp. expands its township portfolio as it plans to purchase 2.2 hectares of land at San Lazaro Estate from Manila Jockey Club Inc.
In a statement to the Philippine Stock Exchange on Wednesday, Megaworld, led by Andrew Tan, said the purchase would strengthen its presence in Manila, as 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 understanding with the Manila Jockey Club.
“Currently, our major projects in the city of Manila are concentrated in the Binondo district, particularly in our Lucky Chinatown project where we have a shopping mall, condominium towers, a cultural museum and a hotel,” said Kevin Tan. , director of corporate strategy, mentioned.
“When we finalize the purchase of this land in San Lazaro, it will surely be part of the expansion of our portfolio of townships in Metro Manila,”
The property developer owns approximately 300 hectares of land in Metro Manila that spans nine integrated urban townships and lifestyle areas.
Shares of Megaworld fell 0.31% on Wednesday to end midweek trading at P3.18 apiece.