MANILA (XFN-ASIA) - Property developer Megaworld Corp said it sold to the British Embassy in Manila a 1.2-hectare property, which will house the latter's new embassy building.
The lot is located inside Megaworld's 50-hectare McKinley Hill mixed-use development project at the former Fort Bonifacio military base in Taguig City.
In a statement, Megaworld said the purchase makes the British Embassy one of the first institutions to locate their operations at the site.
The property developer said it is also in talks with foreign investors to build international schools at the site.
Megaworld's first residential project, the McKinley Hill Village, has sold 75 pct of its 482 lots since its launch in May 2004.
A new residential project will be launched in the second quarter.
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