ALI developing former PRC racetrack

Posted in News | Posted on 28-09-2011

By James A. Loyola
September 28, 2011

MANILA, Philippines — Property giant Ayala Land Inc. is planning to develop the 21-hectare former racetrack of Philippine Racing Club Inc. into the entertainment district of Makati City.

In an interview, ALI Strategic Landbank Management Group vice president Anna Bautista-Dy said ALI will take advantage of the property’s being near a river and should be launching projects by next year.

“We’d like more live performances, spaces for gathering around, more river-facing projects, perhaps a boardwalk along the river,” she said adding that it will be “more of an outdoor oriented retail, entertaining component.”

ALI and subsidiary Alveo Land Corporation have signed a deal with PRCI earlier this year for the mixed-use development of PRCI’s property in Bgy. Carmona, Makati City.
PRCI corporate secretary Jesulito Manalo disclosed to the Philippine Stock Exchange that, under the agreement, PRCI will contribute its 21 hectare lot for its joint development into a mixed-use real estate project.

ALI chief finance office Jaime Ysmael said the project will form part of ALI’s ongoing developments in the City of Makati but specific details are not yet available and will be disclosed later.

Meanwhile, ALI and the City of Makati is hosting a gathering of 100 of the region’s most prominent figures for a groundbreaking business and political conference: the ASEAN 100 Leadership Forum.

This year’s ASEAN meet aims to foster highly-insightful and intelligent discussions on the future of the Southeast Asian region’ how the region can emerge as one of the world’s significant economic bloc with the Philippines assuming its position as an Asian Tiger alongside Taiwan, Singapore, South Korea, and Hong Kong.

“A One ASEAN is important for our collective future: to accelerate the economic growth, social progress and economic stability in the region; to promote active collaboration and mutual assistance in the economic, social, cultural, technical and administrative spheres,” said Dato Timothy Ong, a leading Brunei businessman who is also the founder and chairman of Asia Inc. Forum and convenor of the ASEAN 100 Leadership Forum.

Source: http://meco.ph/mecog/index.php?option=com_content&task=view&id=606&Itemid=1

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