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SM buys airport casino lot
Group also acquiring 10-hectare Manila Bay property of Ashmore
By Doris Dumlao-Abadilla | Philippine Daily Inquirer | Thursday | April 26, 2018 | 05:22 AM
Property giant SM Prime Holdings has acquired the 11-hectare property where the old Casino Filipino complex once stood near the Ninoy Aquino International Airport in Parañaque for around P6 billion, planning to transform the site into a new residential hub given the strong demand for urban residential space.
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Bulk of the residential inventory to be launched this year will come from the Parañaque project. The 11-hectare property—formerly leased to the state-owned Philippine Amusement and Gaming Corp. (PAGCOR) until the airport casino was shut down due to snowballing losses in 2014—was acquired by SM Prime last year from the Mercado group, SM Prime president Jeffrey Lim said in an interview at the sidelines of the company’s stockholders’ meeting on Tuesday.
The former casino property in Parañaque had been bought for roughly P50,000 per square meter or roughly P6 billion, SM Investments chair Henry Sy Jr. estimated.
Read More: Source
Group also acquiring 10-hectare Manila Bay property of Ashmore
By Doris Dumlao-Abadilla | Philippine Daily Inquirer | Thursday | April 26, 2018 | 05:22 AM
Property giant SM Prime Holdings has acquired the 11-hectare property where the old Casino Filipino complex once stood near the Ninoy Aquino International Airport in Parañaque for around P6 billion, planning to transform the site into a new residential hub given the strong demand for urban residential space.
--- SNIPPED ---
Bulk of the residential inventory to be launched this year will come from the Parañaque project. The 11-hectare property—formerly leased to the state-owned Philippine Amusement and Gaming Corp. (PAGCOR) until the airport casino was shut down due to snowballing losses in 2014—was acquired by SM Prime last year from the Mercado group, SM Prime president Jeffrey Lim said in an interview at the sidelines of the company’s stockholders’ meeting on Tuesday.
The former casino property in Parañaque had been bought for roughly P50,000 per square meter or roughly P6 billion, SM Investments chair Henry Sy Jr. estimated.
Read More: Source