San Miguel Corp. (SMC) plans to convert most of the Nayong Pilipino complex in Pasay City into a mixed-use development to support its Ninoy Aquino International Airport (NAIA) concession. SMC's unit, San Miguel Holdings Corp. (SMHC), has signed a 25-year lease agreement with Philippine Amusement and Gaming Corp. (Pagcor) for 13 hectares of the property. The development will include commercial and industrial establishments to complement NAIA operations.
SAN Miguel Corp. on Tuesday said that it would be converting most of the state-owned Nayong Pilipino complex in Pasay City into a mixed-use development to complement its Ninoy Aquino International Airport concession.Asked to clarify details of last week's lease agreement with Philippine Amusement and Gaming Corp. , San Miguel told the stock exchange that unit San Miguel Holdings Corp. has signed a 25-year lease contract for 13 of the 15 hectares comprising the Nayong Pilipino property.
officially took over the management and operation of NAIA in September, committing to spend P170 billion over 15 years. earlier said that it wanted to demolish the abandoned Philippine Village Hotel inside the Nayong Pilipino complex and build a new passenger terminal that would ease congestion at the NAIA.Among the immediate improvements planned in three to six months from the takeover of the airport are functional escalators and toilets, stable power and water, improved air conditioning, upgraded baggage handling, faster passenger processing, more seating, and enhanced Wi-Fi.
SAN Miguel Corp. Nayong Pilipino NAIA Mixed-Use Development Lease Agreement
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