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ABACUS Consolidated Resources and Holdings Inc. said it will pursue
its plan to partner with one of Kuwait’s royal families for a
leisure project south of Manila.
On the sidelines of Abacus’ annual
stockholders’ meeting, Clarita Zarraga, the holding company’s
president, told reporters the firm is set to construct a high-end
retirement village and a leisure farm in its Batangas property.
“These projects will be supported by a group
of investors from Kuwait with whom [we] have agreed in principle to
tie-up for financing and underwriting of the development costs,”
Zarraga said, adding the partners “are of royal descent.”
Zarraga said the company registered record gains
last year, posting a net income of P588 million, or 98 percent
higher than the previous year.
At present, Abacus is developing the first phase
of the 120-hectare property in the Pagkilatan and Matuco area of
Batangas City with an initial investment of P1.7 billion, the
executive said.
Of the 120 hectares, 82 hectares are the subject
of Abacus’ joint venture with Solar Resources Inc. for a high-end
residential and commercial development project.
Luis Fuentes, president of Solar Resources, said
that once the 82-hectare development is completed, they expect a
gross income of P3 billion to P4 billion in the next three to five
years.
-- Katrina Mennen A. Valdez
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