Megaworld officials to arrive for signing of P1.2 B airport buy
Unnamed officials of the Megaworld Corporation and the government will be in Iloilo City on October 12, 2007 for the signing of agreement for the purchase of P1.2 billion old airport site in Mandurriao district.
Mayor Jerry Treñas said the local version for the signing of the purchase of the property will be held at the Sarabia Manor Hotel and Convention Center.
However, the names of Megaworld officials due to arrive in Iloilo City are kept confidential for security purposes.
Megaworld and the government signed the purchase agreement Monday in Manila. The property was bought for P1.2 billion cash. Megaworld acquired the property after it met the minimum price set by the Privatization Council.
The Privatization Council is composed of the of the Departments of Finance, Justice, Budget and Management, Trade and the National Economic Development Authority.
Megaworld Corp. won over Robinsons Lands that submitted P1.09 billion followed by Empire East (P701 million) and SM Prime (P435.79 million). Rockwell Land Corp. and Ayala Land Inc. who earlier expressed interest to buy the property backed out.
Initially, Megaworld Pacific will have an initial investment of P1.5 billion. They hired the services of Palafox and Associates to come up with a master plan in the old airport site. Palafox was given one month time to submit the master plan.
Megaworld will apply for a special economic zone license with the Philippine Economic Zone Authority (PEZA) to convert the site into a business district.
Megaworld is known for constructing high-end properties including residential and commercial projects. Among its biggest projects are the Empire East Land Holdings, Inc. and Empire East Properties, Inc.
The Megaworld plans to put up facilities for business processing outsourcing, hospital, theme park and convention center.