PRCI eyes more joint venture property dev’t deals

MANILA, Philippines - Horse racing operator Philippine Racing Club Inc. (PRCI), which recently launched Makati’s entertainment complex with partner Ayala Land Inc. (ALI), is looking for more joint venture property development deals.

PRCI said it is open to partnering with ALI anew for its big landbank in the province of Cavite that can be developed into a mixed-used property, a company official said.

“We will have other ventures. We will announce it when we approve the plan,” PRCI president and CEO Simeon S. Cua told reporters.

Cua said so far, only 15 hectares of PRCI’s 65-hectare property in Naic, Cavite is being used particularly as a horse racing venue for the past two years.

The horse racing operation of PRCI was previously located in the Sta. Ana district in Makati before moving to Cavite.

Property giant ALI is spending P20 billion to develop the 21-hectare former Sta. Ana racetrack into Circuit Makati, envisioned to become the entertainment center in the country’s financial capital.

Circuit Makati will feature residential towers, office space, a shopping mall, a performing arts theater, events ground with a football turf and a lifestyle hotel.

Cua said PRCI’s Cavite property can be developed into a mixed-use project under another joint venture.

Specifically, the idle land in Cavite can be developed to provide commercial, residential and industrial components, Cua said.

“I will have to take a look at that particular facility,” said ALI president Antonino T. Aquino, when asked about a potential partnership with PRCI for the Naic, Cavite property.