Posted on July 23, 2012 10:02:57 PM [
BusinessWorld Online ]
MJC INVESTMENTS, Inc. -- a developer
controlled by Manila Jockey Club, Inc. -- plans to buy land in Luzon and
Visayas provinces to put up resorts, an official yesterday said.
The company is eyeing the purchase of
various properties for development, including a 74-hectare coastal property in
Mamburao, Occidental Mindoro, which may feature residential and marina
components, Alfonso Victorio G. Reyno III, MJC Investments executive
vice-president and chief operating officer, said at the firm’s annual stockholders’
meeting.
In addition, the company is targeting
to acquire a 3,000-square-meter (sq. m.) property on Boracay Island, Aklan,
where a single vertical condominium or condotel is envisioned to rise just next
to the P15-billion Boracay Newcoast leisure community of rival Global-Estate
Resorts, Inc.
MJC Investments, through Manila Jockey
Club, will also revisit its plans to build a mid-rise condominium and resort
development in Carmona, Cavite, given the recent growth of the Carmona and Sta.
Rosa, Laguna corridors.
“We hope to make a further
announcement on this before the end of the year,” Mr. Reyno said.
Other locations being eyed for future
development include Palawan, Cagayan, Siargao, and eastern Luzon.
This, as MJC Investments earned its
shareholders’ approval to more than triple its capital stock to P5 billion from
a previous P1.5 billion in preparation for its expansion plans, beginning with
a planned high-end hotel in Manila.
“We believe that with our initial
project -- the development of our hotel and entertainment tourism hub located
in central Manila, as well as the eventual rollout of other projects in our
pipeline -- a clearly positive value-creating and revenue story for MJC
Investments will soon emerge,” said Alfonso R. Reyno, Jr., MJC Investments
chairman and president, in a statement yesterday.
Last May, Manila Jockey Club
transferred a portion of its Sta. Cruz property measuring 7,500 sq. m. with a
net value of P80,000.00 per square meter to MJC Investments, on which MJC
Investments will build a hotel that will form part of a future mixed-use casino
and retail development.
The project, to be built within the
San Lazaro Tourism and Business Park, will fill the demand for a luxury hotel
with meeting and entertainment facilities in Manila, MJC Investments said
yesterday.
MJC Investments is searching for
partners for the hotel’s management, as it will not pursue its earlier
agreement with Accor-led AAPC Singapore Pte. Ltd., the executive vice-president
said. -- Franz Jonathan G. de la Fuente
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