Philippine Regional Investment Development Corp. , the real estate subsidiary of listed investment house Abacus Consolidated Resources and Holdings, Inc. inked a full joint-venture agreement with Solar Resources, Inc. to develop an upscale resort with townhouses on a property adjacent to the Montemaria Shrine in Batangas City.

In a disclosure to the Philippine Stock Exchange, Abacus said its subsidiary will contribute 82 hectares of in Barangays Pagkilatan and Matuco to the joint venture, and Solar will act as the property developer.

"Solar will get 65% and PRIDE 35% of the net saleable area," corporate Secretary Joaquin E. San Diego reported.

Abacus said the real estate project will be masterplanned by Palafox Associates.

Palafox envisions the establishment of residential facilities, a marina village with seafarer's wharf, a commercial tourism center with trade and retail shops, a hotel, resort, and convention center with wellness facilities, and a business park.

"Construction and development will commence as soon as the necessary permits and clearances are obtained, and is expected to be completed within 4 years," San Diego said.