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Manila Jockey Club affiliate aims to buy lots for resorts

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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