PANLILIO-LED Boulevard Holdings Inc. (BHI) said its local partner for the development of a mixed-use property in Ternate, Cavite, was slightly delayed on its launch due to some project revisions.
In a report, J. Marcel Panlilio, Boulevard’s chairman and CEO, said Revolution Precrafted Properties Philippines Inc. was slightly delayed in its launch of the 500 to 700-unit condotel, residential and villa within the mixed-use property located on half of the Boulevard’s beach property in Cavite. The launch was supposed to happen last June.
“We are pushing them to complete their launch and preselling within August. We learned they are now projecting some P1.9 billion in sales for selling 28- to 35-square-meter units,” Panlilio said.
Revolution is a company led by Jose Roberto R. Antonio, one the sons of former special envoy to the US Jose E.B. Antonio, chairman of listed firm Century Properties Inc. The said company is not included in the listed firm though Roberto sits on the board of the listed firm.
“BHI’s share would be 15 percent of this after VAT [value-added tax], before income taxes over a four- to five-year period. All they need now is to come to terms with the best contractor to start this,” Panlilio said.
Boulevard expects to benefit from the so-called Duterte bonanza as more foreign investors flock to Cavite with the proposal to develop Sangley Airport to accept commercial planes.
Last year, Revolution said it will supply, at least, 800 units for the development of Boulevard’s 12-hectare property in its Puerto Azul Beach Club.
The deal is expected to raise some P6 billion in project revenues. VG Cabuag
The development will also feature low-rise, two-story condominiums, and an exclusive village composed of curated, branded residential units. It will also have a grand beach club, restaurants and retail spaces.
Antonio said earlier the project covers the first phase, with the company eyeing some 3,000 new residential units, for a possible second phase. Under the terms of the partnership, Revolution will shoulder the supply and construction of the residential and leisure units, as well as the necessary land development and master plan.