ABACORE Capital Holdings, Inc. has partnered with Chinese property developer Shanlin Real Estate Co. Ltd. for a P1.5-billion resort project in Batangas, the company said in a media release.
The project will be headed by a joint-venture company, Fluvion Real Estate Development ,Inc., and will be constructed at Montemaria Shrine, a pilgrimage center owned by AbaCore.
Shanlin is expected to spend P1.5 billion for the completion of the project while AbaCore will contribute the land for the resort.
“We aim for the resort project to elevate the status of Montemaria Shrine beyond that of a religious destination,” Fluvion President Guoan Wu said. “This is because we envision the Montemaria Shrine to be a lifestyle destination for tourists who want to experience the natural beauty of Batangas and of the Philippines as well.”
The company aims to attract 1 million visitors every year and to employ 1,000 people in the local community. It expects P800 million to P1 billion in annual income.
The resort will feature a glass walkway, which the company expects to be completed this year. It will also have a waterpark, “envisioned to be the largest in the Philippines,” which is expected to be finished in 2024. A hotel with a 360-degree view of Batangas Bay is scheduled to be completed the following year.
“This resort project is a significant milestone for all of us, and we look forward to fulfilling its potential so that our stakeholders can fully benefit from what it has to offer to them,” Mr. Wu said.
On Wednesday, shares in AbaCore rose by 0.45% or a centavo to close at P2.22 apiece. — Adrian H. Halili
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The article was originally published in Business World.
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