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Cebu resort to cost P300M

Posted on November 07, 2011 09:38:58 PM [ BusinessWorld Online ]

BOULEVARD HOLDINGS, Inc. has earmarked around P300 million for a planned resort development in Cebu province, a disclosure to the local bourse showed late last week.

Friday’s Holdings, Inc., a unit of Boulevard Holdings, announced it will spend P336.65 million for the construction and development of Friday’s Moalboal, a 1.6-hectare beachfront resort and hotel located in southern Cebu, according to preliminary documents released last Friday.

More than half of the expenses, equal to P188.94 million, will be allotted for building and site improvements, the disclosure stated.

Around P100 million will be spent to acquire land, P28.42 million for furniture, fixtures, and equipment, P15.11 million for pre-opening and working capital, and P4.17 million for other costs.

The resort will take advantage of a lot claimed to be one of the largest non-agricultural, contiguous lands in Cebu.

This, as Boulevard Holdings noted Cebu’s significant potential for expanding the company’s business interests.

“In recent years Cebu has developed into a model independent area with a deep-water port, international airport and attractive beaches and resort developments, becoming a magnet for investments -- both Filipino and foreign,” Boulevard Holdings said.

In addition, hotel guests will most likely benefit from the popularity of snorkeling and scuba diving activities in Moalboal town, whose white beaches are directly accessible from the hotel, Boulevard Holdings said.

The 40-key hotel will also have 40 premier suites. Completion and soft opening dates are slated respectively for July and December next year.

Earlier, Boulevard Holdings agreed to serve as property lease manager for approximately 300 hectares of beachfront property owned by Cebu resort estate landowner Tri-Islands Corporate Holdings, Inc., also in Moalboal town.

Boulevard Holdings will receive a 30% cut of gross leases on every new lease rental signed up. -- Franz Jonathan G. de la Fuente

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