Boulevard shares sizzle on resort development talks
MANILA, Philippines—Boulevard Holdings Inc. is working on a potential joint venture with a large local conglomerate to develop a newly acquired seaside Cavite resort community and finalizing a separate property deal with Korea’s largest time-share group on a golf course and hillside resort hotel project.
Shares of BHI, the holding firm of the Panlilios for resort development and operation, sizzled at the local stock market on Monday after a one-hour trading suspension was lifted following the disclosure of additional information on the company’s acquisition of 100 percent of a property firm called Cala Paniman Inc.
As of about 11 a.m. BHI was the most actively traded stock at the stock market, bucking the downtrend to see its share price rise by around 40 percent.
“Cala will be used to develop, as co-master partner, the entire 3,000 hectare Puerto Azul Complex (less an already developed 200-hectare portion), with various selected foreign and domestic developers, having the right specialty resort-recreation skills,” BHI told the Philippine Stock Exchange.
The disclosure said BHI was expecting to sign within the next few days or weeks a joint venture over Cala’s 21-hectare leisure estate project Crestagrande Subdivision along Paniman Bay in Cavite.
The project will call for vertical and horizontal development from which the BHI subsidiary will get a 20 to 32-percent share plus a share in revenues exceeding targets, the disclosure said.
“The partner is a large-cap publicly listed conglomerate which will also undertake a 10-year joint venture partnership on a non-exclusive tenure with Cala in the Puerto complex requiring no front-end monies for subsequent parcels of mutual choice,” the disclosure said.
BHI also said it was in talks with the Resom Resort of Korea on the latter’s proposal to lease over a 40-year period 100 hectares in the Paniman Valley to develop an already designed Robert Trent Jones Jr. golf course and 200 key semi-branded hillside resort hotel.
“Final talks are set in Korea in the first week of September,” the disclosure said, adding that part of the 100 hectares under consideration is directly owned by BHI.
BHI added it was entertaining two other large publicly listed conglomerates for master partnership or outright sale of the complex. “But the focus is on local partners and foreign ones who have the synergies and skills to execute the master-planned vision of the founder,” the disclosure said.
