Abacore acquires property in Cavite

By VG Cabuag @villygc

The board of Abacore Capital holdings Inc. has approved the acquisition of a property in Silang, Cavite to replenish the company’s inventory of land and investments.

In its disclosure, the company said the property has an area of approximately 22.5 hectares.

“The final contract price is subject to the appraisal of an independent appraiser with a floor price of P5,000 pesos 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.

The board also authorized its president Raul B. De Mesa and COO Arturo V. Magtibay to sign any relevant documents for the investment.

Abacore, a holding company with interests in sectors such as real estate, finance and tourism, said it recorded a net income of P307.6 million in the first quarter from a net loss of P13.2 million last year.

The company said its income for the quarter primarily came from a gain of P249.96 million from the disposal of investment properties.

The company also gained P75.6 million from the sale of investment in subsidiaries and P4.4 million in interest income.

Total operational expenses increased on an annual basis to P21.12 million from P13.01 million, primarily due to higher salaries and wages, employee benefits, and repairs and maintenance.

The company’s board also approved the sale of a 30,000-square meter property in Barangay Inosluban in Lipa City, Batangas. The land, owned by its subsidiary Asean Publishers Inc., will be sold for P7,000 per square meter, generating a total value of P210 million.

“We are happy for our strong start in 2023. This is the result of the company’s efforts to monetize its assets through property sales and joint ventures,” Antonio VF Gregorio III, the company’s vice chairman said.