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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