Posted on December 16, 2014 11:00:00
PM [ BusinessWorld Online ]
By Daphne J. Magturo, Reporter
BOULEVARD HOLDINGS, Inc. (BHI) is
contemplating selling off parcels of its Puerto Azul seaside estate to not just
one developer -- while keeping some portion of the 3,000-hectare property for
itself -- as the list of prospective buyers has grown to now include the
Consunji group, the company’s chief executive said yesterday.
AYALA Land Premier (ALP) Head Jose
Juan Z. Jugo addresses a media briefing in this photo taken on May 7, 2013.
Yesterday, Mr. Jugo, who is also vice-president of ALP’s parent Ayala Land,
Inc., said his group will focus on developing its leisure estate in Bataan --
the Anvaya Cove -- sidestepping questions about the property giant’s interest
in the Puerto Azul seaside estate. -- BW FILE PHOTO
Boulevard Holdings, the resort
developer behind Friday’s Boracay Island Beach Resort in Boracay Island, Aklan
and Friday’s Puerto Galera, Inc., is in preliminary talks with DMCI Holdings,
Inc. for the sale of Puerto Azul, Jose Marcel E. Panlilio, BHI chairman,
president and chief executive officer, said on the sidelines of the company’s
stockholders’ meeting.
Sought for comment, DMCI Holdings,
Inc. Chairman and Chief Executive Officer Isidro A. Consunji said in a mobile
phone reply: “Still have to study. Maybe after the holidays.”
DMCI is a listed holding company with
stakes in construction business, mining, and power.
DMCI is the latest name to emerge as a
prospective buyer after Boulevard Holdings disclosed on Dec. 2 that Ayala Land,
Inc. (ALI) -- the country’s largest property developer by market value --
resumed discussions to buy the beachfront property.
ALI and the Panlilio group signed a
P2.3-billion deal on March 13 for the development of 400 hectares or 13% of
Puerto Azul into a high-end mixed-used community, but the former terminated the
deal in September.
Mr. Panlilio said his group would
still want to see talks with Ayala Land progress.
“ALI did write us a letter, wishing us
well. They said if they are interested, they will get back. We will welcome
them if ever,” Mr. Panlilio told Boulevard Holdings stockholders.
In a separate briefing held yesterday
at the Fairmont Hotel in Makati City, Ayala Land Vice-President Jose Juan Z.
Jugo refused to comment on his company’s interest in Puerto Azul, saying
instead that the Ayala group has “a lot of work to do” at Anvaya Cove, its
leisure estate in Morong, Bataan.
FRIDAY’S AT PUERTO AZUL
Boulevard Holdings’ Mr. Panlilio
added: “We also have several American funds who are looking at us because the
weighting of their real estate portfolio requires them to get Asian real estate
also, so we’re one of those being considered.”
Boulevard Holdings earlier said other
interested investors include a consortium of Chinese and Indonesian investors
who have been inspecting the property, and “two foreign prospects” introduced
by a Singapore-based boutique banker.
Asked if Boulevard Holdings plans to
divide the sprawling Puerto Azul property and offer portions of it to different
developers, Mr. Panlilio replied: “Yes… It’s better that way.”
The company is trying to close a deal
“by early next year,” he said.
Boulevard Holdings plans to construct
and operate two hotels in Puerto Azul under its Friday’s brand, Mr. Panlilio
said.
Boulevard Holdings shares closed
unchanged on Tuesday at P0.117 each.
Ayala Land shares were down 2.6% to
P33.90 apiece, while DMCI lost 3.7% to P15.12 each, tracking the broader
market’s losses.
The Philippine Stock Exchange index
fell 1.6% to end at 7,160.38 yesterday. -- with report from C. A. M. C.
Feliciano
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