Star City Redevelopment
Star City Redevelopment
The government plans to sell the land in Pasay City where the amusement park Star City sits as a part of the Marcos administration’s privatization strategy to boost nontax revenue.
The state-owned assets to be put up for sale is the Star City property, which spans 34,346 square meters or more than three hectares, with a zonal value of P15 billion pesos.
The land where the amusement park is located is currently under a lease agreement with Philippine International Corp., with the lease agreement set to expire in 2026. Star City is owned by Star Parks Corp., a subsidiary of Elizalde Holdings Corp.
The Marcos administration is looking for alternative sources of revenues.
The Privatization Council has not yet finalized the minimum base price for bidding as they wait for other independent appraisals, with the bidding targeted for October.
