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Business

Megaworld to buy Manila Jockey Club property

Iris Gonzales - The Philippine Star
Megaworld to buy Manila Jockey Club property
Megaworld chief strategy officer Kevin Tan said the development would form part of the company’s township expansion and would add to its projects in Manila, which at present are mostly concentrated in Binondo.
STAR / File

MANILA, Philippines — Andrew Tan-led Megaworld Corp. is acquiring a P1.8-billion prime real estate property in Sta. Cruz, Manila owned by the Manila Jockey Club Inc. as part of efforts to boost the company’s presence in the Philippine capital.

Megaworld chief strategy officer Kevin Tan said the development would form part of the company’s township expansion and would add to its projects in Manila, which at present are mostly concentrated in Binondo.

“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,” Tan said.

Tan said Megaworld acquired the property from the Reyno family led by businessman Alfonso Reyno Jr., chairman of Manila Jockey Club.

The property forms part of the historic 16-hectare San Lazaro Tourism and Business Park in San Lazaro, Manila.

It lies between the University Belt area and the Manila North Cemetery and is in close proximity to the University of Santo Tomas, the Manila Chinese Cemetery and the Department of Health, among others.

The development is also the former site of the historic San Lazaro Hippodrome, home of the Manila Jockey Club, the first racing club in Southeast Asia.

The racing club has moved to its new location at the San Lazaro Leisure Park in Carmona, Cavite.

At present, Megaworld has around 300 hectares of land bank across the National Capital Region covering nine urban townships and lifestyle estates in Quezon City, Taguig, Pasay City, Parañaque, Las Piñas, Pasig and the city of Manila.

It has close to 5,000 hectares of land bank across the Philippines.

Manila Jockey Club operates and maintains a racetrack and conducts horse races.

It is also engaged in the development and sale of condominium units and residential properties and lease of an office building through joint venture agreements with property developers.

The company also has off-track betting stations where the public may place bets outside the racetrack on the horse races. As of end-2020, the company had 110 OTB stations.

MEGAWORLD

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