MJCI approves P600M property transferBy Doris C. Dumlao
Philippine Daily Inquirer
Manila Jockey Club Inc. (MJCI) has approved the transfer of a P600-million property to an affiliate that will construct a “world-class” hotel at the San Lazaro Tourism and Business Park in Sta. Cruz, Manila.
MJCI told the Philippine Stock Exchange on Tuesday that its board had approved the transfer of a portion of the San Lazaro estate consisting of about 7,500 square meters, with a net value of P80,000 per square meter, to its affiliate MJC Investment Corp. (MIC) under a property-for-share arrangement.
MIC, which is likewise listed on the Philippine Stock Exchange, will build a hotel on the property in line with the thrust of MJCI to develop its San Lazaro estate, “taking into account the noted increase in tourist arrivals in the country from Asia as per statistics from the Department of Tourism,” MJCI said.
The San Lazaro property is registered with the Philippine Economic Zone Authority.
The board of MJCI further agreed to consider strategic investors who would invest in the development of the San Lazaro estate.
It was earlier reported that the MJIC group had earmarked about P1 billion to build a 250-room establishment in Manila, citing the dearth of quality hotels close to Binondo and the cultural center of Manila.
The hotel project in Manila is expected to complement the ongoing joint-venture projects of MJCI with Ayala Land Inc. in developing a residential and commercial complex, including a business process outsourcing (BPO) building that houses Convergys, one of the global leaders in relationship management.
The Manila Jockey group expects that its various investments in tourism projects will eventually change its business mix in favor of property development, but horse racing and gaming will remain a substantial component of MJC’s business.
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