Gov't okays Megaworld's offer to buy old airport site
The government's Privatization Council has reportedly approved the offer of real estate developer Megaworld Corp. to buy the 54-hectare old airport site in Mandurriao district.
As such, Atty. Giovanni Miraflores of the City Legal Office said the contract between the national government and Megaworld will be forged in a matter of one month.
Megaworld Corp., a giant property developer, offered to buy the old airport site for P1.2 billion after previous biddings failed.
Miraflores who represents the city government in the talks over the sale of the property said there are few details that are being ironed out as the transaction involves different agencies such as the Department of Transportation and Communication, Department of Finance, Department of Budget and Management and Air Transportation Office.
Miraflores said the buyer vowed to pay the government in cash.
Earlier, the Department of Finance approved the proposal of Megaworld to acquire the property for P1.2 billion. The proposal was later referred to the Privatization Council for approval.
New economic activities in the area will bring development to the city from job generation, taxes and investments of different kinds. The sale of the property includes agreements for the establishment of a theme park, Information Technology center, and modern hospital among other others.