Megaworld finalizing deal on 400-hectare site in Clark

ABS-CBN News

Posted at Nov 23 2011 06:13 PM | Updated as of Nov 24 2011 02:13 AM

MANILA, Philippines - Andrew Tan-led Megaworld Corp. said Wednesday it is close to signing an agreement to develop a 400-hectare property at the Clark Freeport and Special Economic Zone.

In a disclosure to the Philippine Stock Exchange, Megaworld said it would build a P7-billion mixed-use project on the site that will include office, retail, leisure, residential and health and wellness components.

Megaworld is signing the agreement with Clark Development Corp.

Shares of Megaworld fell 3.6% to P1.89 apiece in the market.