The Panlilio-owned Boulevard Holdings disclosed that its board has earmarked 57 hectares out of its 106-hectare property as its contribution to an investment consortium led by Razon which is building a large resort in Cavite to would cover “several hundred hectares” in Cavite. BHI’s Cavite landbank, which includes Puerto Azul Golf And Country club, is valued at P2.76 billion.
“The project, is now under inspection, due diligence for eventual closing, by private majority partner Mr. Enrique K. Razon,” said BHI while stressing that “ the finalization of the agreement is still subject for review and consideration by the investing parties.”
In a disclosure on April 29, BHI said it was interested in joining an “international group” for a major property project worth at least P30 billion in a deal expected to be closed within “two months.”
“We don’t know much details as this is a private transaction involving other private parties covered by a strict NDA (non-disclosure agreement) and we are waiting for more updates. Whatever happens here, construction would be completed in four years time hence cash flows are targeted conservatively in not more than five years,” said BHI which has accumulated P155 million in negative earnings as of end-2020.