Pagcor, SMC Infrastructure ink lease for Nayong Pilipino property

The Philippine Amusement and Gaming Corp. (PAGCOR) has signed a 25-year contract with San Miguel Infrastructure, the infrastructure unit of San Miguel Corp. (SMC), for the lease of the gaming regulator’s 15-hectare Nayong Pilipino property in Pasay City.

- By CATHERINE TALAVERA

The lease agreement allocates 13 hectares of PAGCOR’s 15-hectare Nayong Pilipino property for SMC’s initiatives, which will mainly include infrastructure to complement airport requirements, PAGCOR said.

PAGCOR said that a significant consideration of the agreement, signed on Dec. 12, is the construction of the staterun firm’s new corporate office building, which will soon rise on a two-hectare portion of the property.

According to PAGCOR, the office building, which will span 40,000 square meters, with an additional 15,000 square meters for fit-out space, is valued at P2.45 billion: P2 billion for the building construction and P450 million for fit-out.