MANILA, Philippines – The Ayala group has scaled up its footprint in Southern Luzon with a deal to transform the 60-hectare horse-racing complex of Manila Jockey Club Inc. in Carmona, Cavite into a new central business district.
Manila Jockey signed on Tuesday a memorandum of agreement with AKL Properties Inc., an affiliate of Ayala Land Inc., to redevelop the race track. The parties have appointed Ayala Land Inc. as the development manager.
For its part, Manila Jockey will contribute the land in exchange for an economic interest in the master-planned development. This also means that 15 years after relocating its racetrack to Carmona from San Lazaro in Manila, Manila Jockey will have to find a new home for its horse racing operations, while unlocking values from the upsurge in property valuations in this area.