Abacus, Solar to develop Batangas property

Listed investment firm Abacus Consolidated Resources and Holdings Inc. said Monday it has entered into an agreement with Solar Resources Inc. for the development of a high-end residential subdivision in Batangas City. Solar Resources is the property arm of broadcasting company Solar Entertainment Corp. In a statement to the Philippine Stock Exchange, Abacus said its unit, Philippine Regional Investment Development Corp. (Pride), will provide the land for the development, while Solar will provide the facilities and technical knowledge for the construction. "The development is located at Pinamucan Point with an average elevation of 180 meters above sea level, overlooking the Verde Island Passage, an area which is classified among the richest sites in the world in terms of marine biodiversity," Abacus said in the disclosure. The listed firm said construction will start as soon as permits are acquired. Development of the property is expected to be completed in four years. Abacus is the single biggest stakeholder of Pacific On-line Systems Inc., a Philippine Charity Sweepstakes Office lotto operator in Visayas and Mindanao. -Patricia De Leon, GMANews.TV