Abacore unit signs Montemaria lease deal

Insider Spotlight

• Abacore unit PRIDE signs lease with option to buy with Montemaria Resort OPC and Highsource Prime Building
• Covers initial 20 hectares of 100-hectare Montemaria Shrine project in Batangas City
• Lease set at P540 per square meter annually for first five years; option to buy at P9,000 per sqm
• Separate P25.6 million deal covers Cenacle Building land and improvements
  
  
  

Abacore Capital Holdings Inc. (ABA), through subsidiary Philippine Regional Investment Development Corp. (PRIDE), has signed a memorandum of agreement with Montemaria Resort OPC (MMR) and Highsource Prime Building Inc., shifting their arrangement for the Montemaria Shrine project in Batangas City from a joint venture to a lease with option to buy.

The deal

The agreement covers Phase 1 of the 100-hectare Montemaria Shrine development in Pagkilatan, including the Mother of All Asia Monument.

MMR and Highsource will lease the first 20 hectares at P540 per square meter per year, equivalent to 6 percent of P9,000 per square meter, for the first five years. After that period, the lease rate will be adjusted to market value. The lease runs for 25 years and may be renewed twice for 25 years each.

The partners have the option to purchase the leased land at P9,000 per square meter within the first five years.

"This partnership allows us to actively contribute to the development of the Montemaria Shrine, and to pursue our vision of creating a world-class tourism destination in Batangas," Guoan Wu, president of MMR and Highsource, said in a press statement on March 3, 2026.

Antonio Victoriano F. Gregorio III

Chair and president, Abacore Capital Holdings. 

Expansion prospects

Upon completion of at least half of Phase 1, MMR and Highsource may expand to Phase 2, covering an additional 40 hectares, subject to market valuation and an approved plan.

Separate implementing agreements include MMR and Highsource’s acquisition of the Cenacle Building land and improvements for P25.6 million, as well as lease arrangements covering the Miracle Walk, parking spaces, and parts of the Montemaria monument.

"This new arrangement represents a strategic milestone for ABA and PRIDE. By transitioning from a joint venture to a lease with option to buy, this streamlines project operations and speeds up development of our Montemaria tourism estate,” said Antonio Victoriano F. Gregorio III, chair and president of Abacore Capital Holdings.

Why it matters

The transaction ends the parties’ previous joint venture entity and restructures control of the project site under a long-term lease framework with a purchase option.

The arrangement provides PRIDE with lease income over the 25-year term while allowing MMR and Highsource to secure development rights over the initial 20 hectares, with a pathway to ownership and potential expansion to additional phases. —Vanessa Hidalgo | Ed: Corrie S. Narisma