Manila Jockey Club to sell P1.9B worth of properties to Megaworld

ABS-CBN News

Posted at Jan 19 2022 09:24 AM | Updated as of Jan 19 2022 11:30 AM

MANILA - Manila Jockey Club Inc on Wednesday said it has agreed to sell several properties in Sta. Cruz, Manila to Megaworld Corp. 

The total purchase price is P1,887,733,375, the Manila Jockey Club told the stock exchange. 

Under the Memorandum of Agreement, Manila Jockey Club through its subsidiaries "agreed to sell, transfer and convey to MEG (Megaworld Corp) all of its rights, title and interest in certain parcels of land" in the area," the company said.

Definitive sale agreements will be executed upon the submission of closing documents, it said.

In a separate disclosure, the Andrew Tan-led Megaworld said it is preparing to acquire a 2.2-hectare Manila Jockey Club Property, which is part of the 16-hectare San Lazaro Tourism and Business Park.

"Currently, our big projects in the City of Manila are concentrated in Binondo district...When we finalize the purchase of this land in San Lazaro, this will surely be part of our township portfolio expansion in Metro Manila," Megaworld chief strategy officer Kevin Tan said. 

Manila Jockey Club operates race tracks and horse races while Megaworld is among the biggest real estate firms in the country with around 300 hectares of land across the National Capital Region.

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