Ayala, PRC in talks to further develop race track in Cavite

by VG Cabuag, BusinessMirror

Posted at Jan 17 2013 09:54 AM | Updated as of Jan 17 2013 05:54 PM

MANILA, Philippines - Property developer Ayala Land Inc. (ALI) and Philippine Racing Club Inc. (PRC) are in talks to further develop the club’s horse race facility in Naic, Cavite—partly in a move to drum up interest in the sport.

ALI President Antonino Aquino confirmed to reporters that the two groups are in initial stages of discussions on developing further PRC’s 65-hectare property in Naic, where club’s lone horse race track is situated.

Aquino, however, declined to provide additional details of the talks.

“I think the feeling is very complimentary because we see that there is a very nice shared value system between the two groups [ALI and PRC]. We are both interested in the long-term development of Makati, in particular. That’s where it started. So it’s a perfect partnership,” Aquino said.

ALI is currently developing PRC’s former 21.6-hectare Santa Ana horse race track in Makati, transforming it as the city’s family entertainment center.

PRC moved the Santa Ana race track in Naic, called Saddle and Clubs Leisure Park, in January 2009.

ALI said it is investing at least P20 billion for the Cavite development, which will include a football field, indoor and outdoor theaters, retail outlets, residential condominium and office spaces for business outsource processing firms, among others.

The Ayala property developer is also said to host a football school that reportedly will be managed Chelsea Football Club, a member of the English Premier League.

The said project is a joint venture between ALI and PRC, but all investments will come from the Ayala group while the race club provided land as equity.

For his part, Simeon Cua, PRC president, said only 15 percent of the property in Naic is currently developed, mainly composed of the main horse race track and a host of other facilities for use in the race.

When asked if the club is partnering with the Ayala group for the development of the area, Cua said: “It’s always possible depending on the area. But no we have not come up with the plan yet.”

He said there are many possible developments in their property both on commercial and even industrial aspects.

“In Naic, services are to starting to move over to that part,” Cua said.

Developing the property could also help the horse race as a sport, which Cua said is not growing as much as the club had wanted.