Philippine Daily Inquirer
4:16 pm | Wednesday, April 2nd, 2014
MANILA, Philippines — Horse racing operator Philippine Racing Club Inc. (PRCI) 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 not been negotiated, the company said.
Sta. Lucia said this transaction was “aligned” with its general corporate purpose of real estate development and was thus expecting this “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 it would like to develop with Sta. Lucia 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.
RELATED STORIES
Sta. Lucia Land breaks ground for new condotel project
Condotel pioneer Sta. Lucia Land urges passive income from condotels
Follow Us
Other Stories:
Recent Stories:
Tags: Business , housing , joint venture , Philippine Racing Club Inc. , property , Real Estate , Sta. Lucia Inc. , subdivision
Factual errors? Contact the Philippine Daily Inquirer's day desk. Believe this article violates journalistic ethics? Contact the Inquirer's Reader's Advocate. Or write The Readers' Advocate:
seo tools
No comments:
Post a Comment