In a disclosure to the Philippine Stock Exchange, MJC corporate information officer Peter Francis Zagala said the development of the 16-hectare San Lazaro property will start with the construction of SM City-San Lazaro, a shopping mall to be put up by retail magnate Henry Sy.
MJC said the ground-breaking ceremonies for the construction of the SM City-San Lazaro will be on June 23. The mall will occupy four hectares of the San Lazaro property.
With a new SM shopping mall within the complex, MJC hopes to attract other developers and locators to invest in the area, Zagala said.
The company has long been planning to diversify into real estate development in anticipation of the sector’s rebound.
In 2001, Manila Jockey signed a deal with KPPI Land Corp. to develop a new, world-class racing complex in Carmona, Cavite. The complex will have an equestrian riding academy and a hotel.
Established in 1937, Manila Jockey holds the franchise to hold horse races and develop racetracks in Manila, Bulacan and other places authorized by law. It operates a network of more than 200 off track betting stations (OTBs) in Metro Manila and in the neighboring provinces.
MJC also has tele-betting facilities showing a high percentage of acceptability by the racing public.
The company’s OTB expansion is now focused in key cities and municipalities nationwide. It has forged a partnership agreement with TAB Philippines, Inc., an Australian company that provides video and data facilities for horse racing broadcast via satellite to off-track betting stations outside of Metro Manila.