Connect with us

Hi, what are you looking for?

Stock

AbaCore unit inks P5.1-B deal for Batangas condotel

OMNICOR Industrial Estate & Realty Center, Inc. recently signed a $100-million (P5.05 billion) joint venture deal with Starfleet Innotech, Inc. (SFIO), a New Zealand-based conglomerate, to develop a 500-unit condotel project in Batangas City.

Omnicor is a wholly owned subsidiary of listed AbaCore Capital Holdings, Inc.’s (ABA) 100% owned unit, Philippine Regional Investment Development Corp. (PRIDE).

“This joint venture between SFIO and ABA will be the first of many, according to a 10-year development plan where SFIO and ABA have agreed to be the preferred developer of future projects,” AbaCore Capital said in a disclosure to the stock exchange on Friday.

The 500-unit condotel will be built on a two-hectare property owned by AbaCore Capital and PRIDE in Batangas City’s Montemaria.

AbaCore Capital holds more than 200 hectares of land around the area.

The project, which will be built with a “resort condotel” concept, will target tourists, pilgrims, and returning “global Filipinos.”

SFIO will develop a smart-building technology for the project, which will address the wellness, safety, and security of the guests.

The project’s site had been issued an environmental compliance certificate, which is the go signal for the company to start the preliminary survey and design of the property.

“Preselling of the units will commence once the permit to presell is approved by a government agency of the Philippines,” AbaCore Capital said.

The project is aimed for completion within 36 months.

The resort condotel will feature a 316-feet tall Virgin Mary statue called the “Mother of All Asia-Tower of Peace,” and it will also be near the Verde Island Passage.

Shares of AbaCore Capital at the stock market declined by 0.87% or one centavo to close at P1.14 each on Friday. — Keren Concepcion G. Valmonte

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Get the daily email that makes reading the news actually enjoyable. Stay informed and entertained, for free.
Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!

Latest

Economy

Have your team clocked less sick days during the pandemic but are now on the verge of burnout? You’re not alone … Providing right-first-time...

Economy

Have your team clocked less sick days during the pandemic but are now on the verge of burnout? You’re not alone … Providing right-first-time...

Economy

The UK government will invest £100m in Britishvolt as the car battery manufacturing startup seeks to build Britain’s first large-scale “gigafactory” in the north-east...

Economy

Bankers and accountants are among those being summoned back to their offices after the government scrapped its work-from-home guidance in England with immediate effect....

Economy

The kitchens of Michelin-starred restaurants too often descend into alternative “moral universes” where bullies and bad behaviour thrive, a study has suggested. While Gordon...

Economy

A company controlled by the Duke of York and used to manage his investments is more than £200,000 in debt, according to newly filed...

You May Also Like

Stock

THE PHILIPPINES is poised to end the year with a stronger economic growth, after a better-than-expected third quarter, experts said at the BusinessWorld Virtual...

Stock

The Philippines on Friday reported 310 coronavirus (COVID-19) infections, bringing the total number of infections to 2.84 million since the pandemic started in 2020....

Top News

Manufacturers face no dearth of options when it comes to bonding solutions in the modern era; however, over time, pressure sensitive adhesives are increasingly...

Top News

An integral component of the global economy, the automotive industry, a flourishing behemoth in itself, has been fraught with many challenges since the last...

Disclaimer: InvestmentDiets.com, its managers, its employees, and assigns (collectively "The Company") do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

Copyright © 2022 InvestmentDiets. All Rights Reserved.