PHILIPPINE RACING INKS MASTER DEVELOPMENT AGREEMENT WITH AYALA LAND

KUALA LUMPUR, April 29 (Bernama) -- Philippine Racing Club, Inc, a 33.01 per
cent-owned associated company of Multi-Purpose Holdings Bhd, has entered into a
master development agreement with Ayala Land, Inc, to develop a 21-hectare
property in Makati City, the Philippines.

Based on estimates by market sources in the Philippines, the gross
development value (GDV) of the proposed project was Philippine Peso (PHP) 70.0
billion, said Multi-Purpose in a statement Friday.

"Based on this assumption, our associated company, Philippine Racing’s share
of GDV would be about PHP12.6 billion, or about RM907.0 million," it said.

Under this agreement, Philippine Racing will contribute the property while
Ayala will secure all the necessary permits at all stages of the development and
develop the property into a new township.

"Ayala will develop a gross area of 800,000 sq m over a 20-year period. The
Philippine Racing’s share is estimated to be about 18 per cent of the
total sales unit," Multi-Purposed added.