THE Panlilio-led Boulevard Holdings Inc. said it has signed a deal with the Zamora and South Korean groups to redevelop its vast Puerto Azul complex in Ternate, Cavite.
Jose Marcel Panlilio, the company’s chairman, president and CEO, said it has agreed with Salvador Zamora to renovate Puerto Azul Gold Club at a cost of about $20 million, or an average of $1 million for the 18-hole course. It will also construct a hotel with between 300 units to 400 units for $40 million.
“The architect European Golf Design—a joint venture between the European Tour and International Management Group, or IMG, which manages world famous sports players and events—is already present at the Puerto Azul site making final design checks with the contractor,” Panlilio said.
Panlilio added that the Ternate golf-course renovation, to be renamed “Don Salvador Zamora Championship Course”, will be completed by the third quarter of 2017.
Zamora has reportedly agreed to establish a golf academy in Puerto Azul and lease the property for the next 23 years.
The Panlilios own about 3,000 hectares of property in Puerto Azul.
Panlilio said a large South Korean consortium is set to handle about 200 hectares to 400 hectares of mixed development, and another local real-estate player will also join in the consortium that Panlilio is organizing.
He did not name the firms he was talking with.
“We shall do this 400-key resort in three phases, plus let the consortium member skilled in the residential part handle that segment to defray the hotel costs,” he said. “That is a system of how we shall grow our resort revenues and cash flows and create a new cash-flow stream from residential sales. Our remainder parcels would be worth more afterwards.”
The company said its fiscal first quarter that ended August saw its losses narrowed to P168,161, from the previous year’s loss of P3.01 million.
Revenues grew 47 percent to P21.83 million, from last year’s P14.81 million.
All of these revenues came from Friday’s Holdings Inc., which owns and operates Friday’s Boracay Island Beach Resort.
“The management has continued to take actions that will further improve this segment,” it said.
It is still developing Friday’s Puerto Galera Inc. located at Boquete Island in Puerto Galera, Mindoro, while it is still in the organization stage of Friday’s Paniman Inc. in Cavite.
The company also recently acquired parcels of land on Boracay island for future expansion, while it planned to acquire a 100-percent stake in Cala Paniman Inc. through a share-sale purchase agreement.
“[The company] is purchasing Cala as a vehicle for prospective joint ventures in the resort property sector, with the right partners and compelling synergies,” it said.