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PRCI readies property venture

Posted June 19th, 2012 by Julito G. Rada
[ manilastandardtoday.com ]

Philippine Racing Club Inc. expects its property development venture with Ayala Land Inc. in Makati City to take off in the next two to three years.

“With property development riding high in the country’s central business districts, and the PRCI property being the last big piece of property in Makati, there is quite a high degree of optimism in the success of this undertaking,” PRCI chairman Santiago Cua said during the annual stockholders’ meeting at Saddle and Clubs Leisure Park in Naic, Cavite Monday.

Cua told Manila Standard it would take about 10 years to complete the whole project involving a 21-hectare property at the inner portion of Pasong Tamo in Makati.

PRCI and Ayala Land signed an agreement in February 2011 to jointly develop the property into a mixed-use complex with recreational, entertainment, commercial, retail, office and residential components.

Under the agreement, PRCI will contribute the entire property to the joint development project while ALI will undertake the development itself. The partners will share the revenues from the project.

Cua said their diversification to property development came at an opportune time because PRCI’s core business of horse racing continued the nearly flat trend in betting turnover.

(Published in the Manila Standard Today newspaper on /2012/June/19)
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