AbaCore Capital Holdings Inc. said Tuesday its board approved the acquisition of 22.5-hectare property in Silang, Cavite to replenish its landbank.
“The final contract price is subject to the appraisal of an independent appraiser with a floor price of P5,000 per square meter, and a ceiling of P7,000 per square meter for the purpose of developing the same into an income-generating residential development,” the company said.
This deal values the Silang property between P1.12 billion and P1.58 billion.
AbaCore has interests in the leasing of gaming equipment, gold and coal mining, real estate and financial services.
AbaCore in 1993 expanded into the leasing of gaming equipment and formed Pacific Online Systems Corp. together with two other partners. It completed in 2005 the acquisition of its real estate and financial services businesses through the acquisition of Philippine Regional Investment Development corporation via a stock swap.
