MANILA, Philippines (UPDATE) - Philippine Racing Club Inc. (PRCI) is eyeing a joint venture with Sta Lucia Land Inc. for a subdivision project.
In a disclosure to the stock exchange, PRCI said the company is in preliminary talks with Sta Lucia for the proposed joint venture project. It added that no agreement has been signed yet.
Under the proposed JV, PRCI will contribute the land while Sta Lucia will be the developer.
"Timetable for implementation is not yet drafted since we are still on the preliminary stage," PRCI said.
The company said the joint venture will allow it to expand its realty business.
For its part, Sta Lucia said the proposed joint venture would involve the development of a parcel of land in Cebu. The land has an area of 537,011 square meters.
It added that the terms of the joint venture have yet to be negotiated.