MANILA, Philippines—Horse-racing operator Philippine Racing Club Inc. has teamed up with property developer Sta. Lucia Inc. on a 53.7-hectare residential subdivision project in Cebu.
In a disclosure to the Philippine Stock Exchange on Wednesday, Sta. Lucia said it had obtained consent from its board to enter into a joint-venture deal with PRCI involving the development of a new project located in Cebu with an area of 537,011 square meters.
The terms of the joint venture have yet to be negotiated, the company said.
Sta. Lucia said the transaction was aligned with its general corporate purpose of real estate development and was thus expecting it to improve its financial standing.
The two companies have interlocking directors as Sta. Lucia president and director Exequiel Robles and fellow director Santiago Cua are also directors of PRCI.
In a separate disclosure, PRCI said the proposed joint venture with Sta. Lucia was a subdivision project involving several parcels of land that would be acquired and contributed by PRCI to the venture.
Sta. Lucia, on the other hand, will develop the property into a subdivision.
Until the end of 2008, PRC’s racetrack facility was located at the Santa Ana district in Makati City, which is now being developed into a mixed-use entertainment hub “Circuit Makati” in partnership with Ayala Land.
Meanwhile, SLI is seeking to amend its articles of incorporation to extend its corporate term, which will expire on December 2016. The proposed amendment will allow the company to exist for another 50 years.
Apart from the venture with PRCI, the property company is embarking on various landbanking initiatives and other joint ventures for future growth.
SLI obtained authority from its board to acquire parcels of land in Davao, Sta. Rosa (Laguna), Greenwoods in South Batangas and Lipa Royale Batangas. Other joint ventures in the pipeline are located in Taytay, Palawan, Batangas and Davao.
Originally posted at 4:16 pm | Wednesday, April 02, 2014
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