MANILA, Philippines — AbaCore Capital Holdings Inc. is developing a mixed-use estate in Batangas with a joint venture partner as it aims to play a bigger role in the country’s tourism industry.
Its subsidiary Philippine Regional Investment Development Corp. (PRIDE) has entered into a memorandum of agreement (MOA) with Highsource Prime Building Inc. to undertake various projects at AbaCore’s Montemaria Shrine, a tourist destination in Batangas.
“We are pleased to undertake this joint venture with Highsource in addition to the various growth initiatives we have announced throughout the year,” said AbaCore president, chairman and CEO Raul de Mesa.
Under the partnership, both companies agreed to organize a joint venture corporation to develop a four-star hotel, a land and water amusement park, residential and commercial community as well as a “3D Glass Paradise.”
Under the first phase, PRIDE would contribute land totaling 17 hectares worth P1.6 billion for at least a 40 percent share in the joint venture while Highsource would invest up to P2.6 billion in cash and development.
PRIDE is contributing another 20 hectares of land for the second phase.
“Given the sustained appreciation of land values in Batangas and influx of tourists in the province, we believe that this venture shall further enhance the value AbaCore is providing to its shareholders,” De Mesa said.
Overall, the company has been proactive in leveraging its capabilities to maintain its strong performance in the markets it operates in.
In Batangas, AbaCore sold land to the Gaisano Group and a national meat-processing chain for these two entities to mark their entry into the province.
In Surigao del Sur, the company entered into a joint venture with Oriental Vision Mining Philippines Inc. to monetize its coal assets.
“Despite the operating environment we are in, the year 2022 has been excellent for us given we are launching various ventures across different industries. We believe these ventures will be excellent long-term investments on our part, and so we are committed to ensuring we will fully realize the economic gains we can achieve,” De Mesa added.
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The article was originally published in PhilStar Global and written by Iris Gonzales.
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