Mexican government's move to sell army base could generate giant land deal

Mexico City

MEXICO'S government is preparing to sell a giant parcel of land that could turn an undeveloped area of Mexico City into one of the most lucrative real estate developments in Latin America with a price tag that experts see reaching as high as US$1 billion.

Nearly four times the size of Disneyland at 125 ha, the military site is one of the last big swathes of developable land in central Mexico City, a megalopolis with more than 20 million people where land values in coveted neighbourhoods have soared.