A New Zealand conglomerate plans to invest $100 million in a tourism project in Batangas City as the country reopens to local and foreign tourists, a Philippine partner said over the weekend.
Starfleet Innotech Inc. plans to infuse $100 million to develop at least 500 condotel units in partnership with a unit controlled by listed Abacore Capital Holdings Inc.
Abacore said in a disclosure to the stock exchange SFIO Monday it signed a joint venture agreement with Omnicor Industrial Estate & Realty Center Inc. to develop the project. Omnicor is 100-percent owned by Philippine Regional Investment Development Corp., which in turn is wholly-owned by Abacore.
The planned condotel project will rise on a two-hectare parcel of land on a strategic tourist spot in Montemaria, Batangas City that overlooks Batangas Bay.
“The property is set to be structured as a resort condotel, with a timeshare concept, targeting tourists, pilgrims, expats and the Filipino global community who may be returning to the country for a short vacation post-pandemic or for retirement,” the company said.
It said the property would be equipped with state-of-the-art smart-building technology to be developed by SFIO. The technology will enhance the health, wellness, safety and security of future guests—suited to the new normal of a COVID-19 world.
The project received an environmental compliance certificate from the Department and Environment and Natural Resources, which allows for the immediate commencement of preliminary survey and design.
The whole project is expected to be completed within the next three years. Pre-selling of the units will commence once the permit to pre-sell is approved by the concerned government agencies.
Abacore owns over 200 hectares of land around the area.
“This joint venture between SFIO and ABA will be the first of many, according to a 10-year development plan where SFIO and Abacore have agreed to be the preferred developer of future projects,” the company said.
SFIO, formerly known as SmokefreeInnotec, is an asset management company and a conglomerate with investment in franchising, food manufacturing and distribution, coffee business, property development and technology and software development.
SFIO has strong presence in New Zealand and Australia.
Abacore is a holding firm with investments in real estate and financial services.
The Department of Tourism earlier announced the opening of tourism destinations to local tourists and launched a free swabbing program to support the sector’s recovery.
