MANILA, Philippines - Stockholders of Boulevard Holdings have approved a proposal to acquire resort developer Cala Paniman for P100 million.
In a disclosure to the stock exchange, Boulevard Holdings said the purchase amount will be payable in seven years.
Cala Paniman is currently developing a 21-hectare seaside subdivision in Cretagrande in Ternate, Cavite inside the Puerto Azul leisure estate.
Boulevard Holdings said it intends to forge partnerships with local and foreign entities to develop the property.
Boulevard Holdings is the owner and operator of Friday’s Boracay Island beach resort in Aklan, Crown One Land Inc. and Friday’s Puerto Galera.
Shareholders likewise approved the acquisition by resort unit Friday Holdings Inc. of a 353,810-square meter (SQM) land in Moalboal, Cebu for P707.62 million.
In addition, shareholders gave their consent to the planned acquisition of a beachfront with an area of around 729 sqm in Boracay Island for $1.31 million.
They likewise approved a plan to raise P300 million through a private placement to facilitate the entry of other investors.
The Panlilio family, the majority owner of Boulevard Holdings, is keen on reviving Puero Azul, which was once dubbed as “Asia’s Paradise Resort” and the “World’s Golfting Capital”.
Under the plan, Boulevard Holdings said it would build 11,563 residential units over a period of up to 25 years starting with 350 units of apartment residences. The resort component also involves the development of hotels, golf courses, country club, marina, theme park, sports and recreation facilities.