The Manila Jockey Club has announced it will sell its 60-hectare (148-acre) racetrack in Cavite to Philippine real estate firm Ayala Land Inc., which plans to develop a business corridor on the site. The Jockey Club will move within two years.
Under the terms of the deal with Ayala subsidiary AKL Properties Inc., MJC is providing the land in return for an undisclosed financial cut of the extensive project, reported the Manila Reformer.
MJC Chairman Alfonso Reyno Jr described the new development as “one of the most attractive and modern business hubs in this part of the country.” MJC has called Cavite home since 2013, when it moved from the San Lazaro Hippodrome in Manila.
In a filing, MJC noted that “relocation of the horseracing track shall be subject to the approval of the renewal of the MJC’s horse racing congressional franchise which is set to expire on 22 November 2022.”
