Manila Jockey Club has reached an agreement with Philippines real estate firm Ayala Land Inc that will see the 60-hectare site of its racetrack in Cavite redeveloped into a new central business district.
Under the terms of the deal with Ayala subsidiary AKL Properties Inc, MJC is providing the land in return for an undisclosed financial cut of the extensive project.
Manila Jockey Club chair Alfonso Reyno Jr described the new development as “one of the most attractive and modern business hubs in this part of the country.”
MJC relocated to Cavite from its previous home in Manila, San Lazaro Hippodrome, in 2013 and said it expects to establish a new home within the next two years.
In a filing, MJC noted that “relocation of the horse-racing track shall be subject to the approval of the renewal of the MJC’s horse racing congressional franchise which is set to expire on 22 November 2022.”
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