ABACORE Capital Holdings, Inc. said on Tuesday that it is set to acquire a 22.5-hectare property in Silang, Cavite to for residential development.

In a regulatory filing at the local bourse, the company said its board of directors approved and authorized the investment into and acquisition of a property Cavite to replenish its land inventory and investments.

The company added that the final contract price is subject to the appraisal of an independent appraiser.

AbaCore said the property has a floor price of P5,000 per square meter (sq.m.) and a ceiling price of P7,000 per sq.m.

The company added that the purpose of the acquisition was to develop the site into an “income-generating residential development.”

Its board also authorized its President Raul B. De Mesa and/or the Chief Operations Officer Arturo V. Magtibay, to sign any relevant documents for the investment into the property.

The company has yet to disclose further details on the acquisition.

During the first quarter, the company reported an attributable net income of P308.16 million, a reversal of the P12.65-million net loss it reported in the same period last year, due to a gain from the disposal of investment properties.

It booked a top line of P325.72 million during the three-month period from P4.57 million previously, while its expenses rose 62.3% to P21.12 million from P13.01 million.

AbaCore owns a controlling interest in companies engaged in financial services, real estate, gold mining, and coal mining. Its shares were unchanged at P2.63 each on Tuesday. — Adrian H. Halili