Metro Manila (CNN Philippines, January 19) — Megaworld Corporation will be buying 2.2 hectares of real estate property from Manila Jockey Club Inc. (MJC), both companies announced Wednesday.

In a disclosure to the local bourse, Megaworld confirmed it entered into a memorandum of agreement with MJC for the land, which is part of the 16-hectare San Lazaro Tourism and Business Park located in the northern portion of the city of Manila.

MJC stated in a separate filing that the purchase price is worth over ₱1.88 billion.

“When we finalize the purchase of this land in San Lazaro, this will surely be part of our township portfolio expansion in Metro Manila,” said Megaworld chief strategy officer Kevin Tan.

At present, the township developer’s major projects in the nation’s capital are concentrated in Binondo. Megaworld’s Lucky Chinatown project features condominium towers along with a lifestyle mall, a cultural museum, and a hotel.

Apart from Manila, Megaworld also has integrated urban townships and lifestyle estates in Quezon City and the cities of Taguig, Pasay, Parañaque, Las Piñas, and Pasig. This involves around 300 hectares of land across Metro Manila.

Megaworld currently has nearly 5,000 hectares of land in the Philippines.