MANILA, Philippines –Listed investment holding firm AbaCore Capital Holdings and China-based Shanlin Real Estate Co. Ltd. are teaming up to build a P1.5 billion resort in Batangas.
In a statement, AbaCore said the project will feature the country’s biggest water amusement park and will cater to religious visitors since it will be built around the Montemaria Shrine, a pilgrimage center.
The resort is expected to attract more than a million tourists yearly and create at least 1,000 jobs, the company added. AbaCore is also forecasting the project to generate P800 million to P1 billion in sales.
“The Philippines is a tropical country filled with beautiful natural scenery, making it an ideal destination for vacation and travel for tourists,” said Lin Feng, which the statement identified as a shareholder of Shanlin, a company based in Fujian, China.
“As the local economy continues to benefit from the lifting of COVID-19 restrictions, the tourism industry has become a key area for us to realize the biggest potential for growth,” he added.
The project will feature a “Montemaria Miracle Walk” that was expected to be finished this year.
The water park is slated to be finished in 2024 while a hotel project will be completed the following year.
The project will be implemented via Fluvion Real Estate Development Inc., a joint venture between AbaCore and Shanlin.
“We aim for the resort project to elevate the status of Montemaria Shrine beyond that of a religious destination,” Guoan Wu, president of Fluvion, said in the same statement.
“This is because we envision the Montemaria Shrine to be a lifestyle destination for tourists who want to experience the natural beauty of Batangas and of the Philippines as well,” he said.
“This resort project is a significant milestone for all of us, and we look forward to fulfilling its potential so that our stakeholders can fully benefit from what it has to offer to them,” he added.
The project was among several expansion programs AbaCore was undertaking to unlock its vast landbank.
It previously entered a deal with multinational investment firm Starfleet Innotech to develop a “resort-like condotel” in Batangas province. It also bared plans to develop a 103-hectare energy facility in Batangas.