AbaCore subsidiaries sell Batangas properties

MANILA, Philippines — AbaCore Capital Holdings Inc. (AbaCore) announces that its subsidiaries Friendship Management Corp. (Friendship Management) and Candor Realty Corp. (Candor) have agreed to sell properties in Batangas to businessmen expanding their operations in the province.

Under the agreement, Friendship Management will sell 21,375 square meters of land located at Tanguay in Lipa City, Batangas to Taft Property Venture Development Corp. (TPVDC), a subsidiary of the Gaisano group, for P17.1 million. This transaction is a milestone for the Gaisano group as this marks their first venture in the province.

After this transaction, AbaCore will maintain 10 hectares of land in nearby Barangay San Salvador and 90 hectares of land in Rosario, Batangas.

Candor agreed to sell about 4,845 square meters of land to a meat processing company under a large retail chain for P41,182,500. This entity will use the land to expand their current meat-processing operations.

Candor will maintain another 4,845 square meters of land for itself after the completion of the sale.

Regina Mandanas, chief executive officer of AbaCore, lauded how the transactions that will deliver long-term value to shareholders.

The two agreements come amid an ongoing trend among businesses to shift their focus to Batangas. In October 2021, AbaCore, through its subsidiary Omnicor Industrial Estate & Realty Center, entered into a $100M joint venture with Starfleet Innotech under which it will provide the New Zealand-based asset management company with land to develop into a resort-like condotel property.

Currently, an Environmental Compliance Certificate (ECC) has been issued for the target project site.