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The Philippine Amusement and Gaming Corp is leasing out its 15-hectare Nayong Pilipino property in Pasay City to San Miguel Infrastructure
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Under the 25-year lease, 13 hectares will be allocated to San Miguel Corp’s infrastructure initiatives, primarily to complement the nearby airport
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Two hectares will house PAGCOR’s P2.45-billion corporate office to be built by SMC at no cost to PAGCOR
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SMC to start construction upon PAGCOR’s design approval, with advance rentals and security deposits of P100 million already paid
The Philippine Amusement and Gaming Corporation (PAGCOR) is leasing out its 15-hectare Nayong Pilipino property in Pasay City to San Miguel Infrastructure.
Under the 25-year lease, signed by PAGCOR chairman and CEO Alejandro Tengco and San Miguel Corporation (SMC) chairman and CEO Ramon Ang on December 12, SMC will construct PAGCOR’s new corporate headquarters on a two-hectare portion of the property at no cost to PAGCOR. Valued at P2.45 billion, the facility will feature a 40,000-square-meter office building with an additional 15,000 square meters, Tengco said in a statement.
Tengco noted the long-standing challenges of operating from multiple rented locations and emphasized the new building’s potential to “foster a stronger sense of community, collaboration and shared purpose.”
During the contract signing, Ang turned over to PAGCOR checks for nearly P100 million representing advance rentals and security deposits.
In consideration of the office building construction and the rental, the lease agreement allocates 13 hectares of the 15-hectare property for SMC initiatives, which will mostly include infrastructure to complement airport requirements.
SMC led the consortium which won the contract to operate Ninoy Aquino International Airport, the New NAIA Infrastructure Corp.
READ: NAIA turned over to private operator
“Aside from the rental for the 13-hectare property, PAGCOR also expects additional revenues from renting out unused portions of the new corporate office once it is completed,” Tengco said.
Ang said construction would commence upon PAGCOR’s approval of the design.
