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