Megaworld has reached a deal with the Manila Jockey Club to purchase PHP1.8 billion of land in Sta. Cruz, Manila. The horse racing organization purchased the land all the way back in 1912, although the racetrack was moved to Cavite in 2003 with the area having been since developed into the San Lazaro Tourism and Business Park.
The land was highly coveted by Megaworld who will leverage the site to grow its footprint in Metro Manila. The developer is active in nearby Binondo where it built the Lucky Chinatown complex. The acquisition will be used to expand this into a township.
“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,” Megaworld Chief Strategy Officer Kevin Tan told Philstar Global. “When we finalize the purchase of this land in San Lazaro, this will surely be part of our township portfolio expansion in Metro Manila.”
Since moving the racetrack in 2003, the Manila Jockey Club has slowly built up the prime site near Manila’s historic Chinatown under the San Lazaro Tourism and Business Park banner. It teamed up with SM Prime Holdings to develop a shopping mall and entered a joint venture with Ayala Land in 2007 for an office and residential development. The area is also home to Winford Hotel and Casino.
Megaworld boasts a landbank of 300 hectares across Metro Manila; however, it trails several other Philippine homebuilders in this part of the country. The land purchase will allow it to add to the nine townships and lifestyle estates in its portfolio with these being located in Quezon City, Taguig City, Pasay City, Parañaque City, Las Piñas City, Pasig City and Manila.