Property magnate Jocel Panlilio is investing up to P120 million in developing a hotel resort on its newly-acquired property in Siargao.
Panlilio’s Boulevard Holdings Inc. (BHI) intends to establish a Fridays property with a capacity of 20 to 40 keys, targeting a cost range of P50 million to P120 million for the project.
Describing the location as magnificent, with pristine white sand beaches in Malinao, BHI highlighted the proximity to surfer activities in Siargao.
BHI noted that while many waterfront options in the area consist of sharp sands or swampy mangroves, the newly-acquired property stands out as an attractive choice.
In January this year, BHI purchased the typhoon-damaged 5,216 square meter hotel property for P103 million, equivalent to P19,747 per square meter.
Beachfront locations in Siargao generally sell for P40,000 to P60,000 per square meter.
The payment is scheduled to be completed over a period of 1.5 years.
The Siargao Island was previously identified by BHI as its next expansion target, following the receipt of P991.55 million in cash from ultra bilyonaryo Ricky Razon, who acquired a significant portion of the company’s Puerto Azul property in Ternate, Cavite.
BHI currently owns and operates Friday’s resorts in Puerto Galera and Boracay, and with its strategic move into Siargao, it aims to further expand its presence in the hospitality sector.
