JOINT VENTURE WITH AYALA LAND, INC.

MJC's 16-hectare property in Sta. Cruz, Manila did not remain a parcel of idle land for long after the Club ceased racing operations at the old San Lazaro Hippodrome located there. In 2001, SM Prime Holdings, Inc. erected the SM San Lazaro mall. Plans were made to develop the rest of the property. The Club scouted for real-estate venture partners.

Last year, MCJ found such partners in Ayala Land Inc. (ALI) through its subsidiary, Avida Land Corporation (ALC). MJC signed a Joint Development Agreement with these companies and development at Sta. Cruz commenced at Avida Towers San Lazaro.

Avida Towers is envisioned to be a cluster of five condominium towers, priced within reach of middle-income earners. The units range in floor area from 22 to 53 sqm., offering studios, one-bedrooms, two-bedrooms, and lofts. The facilities include a clubhouse, adult and child swimming pools, children's playground, basketball court, and jogging path.