AbaCore unit jacks up expansion drive

Listed AbaCore Capital Holdings Inc.'s subsidiary Philippine Regional Investment Development Corporation has entered into a memorandum of agreement with Highsource Prime Building Inc. for various projects at the Montemaria Shrine — a tourist destination in Batangas owned by the company.

Under the MoA, the two companies will organize a joint venture corporation that will develop a 4-star hotel, a land, and water amusement park, a 3D Glass Paradise, and a residential community and commercial establishments

The MoA will be undertaken in two phases. Under the first phase, PRIDE will contribute land totaling 17 hectares — valued at P1.6 billion — for at least a 40 percent share in the joint venture.

Meanwhile, Highsource will invest up to P2.6 billion in cash and development.

Properties grow

Under the second phase, PRIDE will contribute another 20 hectares of land at a reappraised value at the time of the commencement of this phase.

Highsource will then contribute the proportionate amount in cash or development.

"We are pleased to undertake this joint venture with Highsource in addition to the various growth initiatives we have announced throughout the year," Raul de Mesa, president, chairman and CEO of ABA, said.

"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 ABA is providing to its shareholders."

Abacore would also like to acknowledge renowned economist Bernardo Villegas's insights on this development.

"In a forum with Tourism Secretary Christina Frasco, it was mentioned that the Philippines is the number one beach tourist destination in the world," he said.