MANILA, Philippines - Panlilio-owned property firm Boulevard Holdings Inc. (BHI) plans to borrow as much as P250 million to expand its beach resorts in tourist spots Puerto Galera and Boracay.
BHI said its board granted company chairman and CEO Jose Marcel Panlilio the “authority to enter into financial arrangements with banks up to total amount of P250 million.â€
Proceeds of the loan will be used for property acquisition and construction projects of subsidiaries in Friday’s Boracay Beach Resort (Friday’s Holdings Inc.) and Friday’s Boquete Beach Resort Hotel (Friday’s Puerto Galera Inc.).
The board also allowed Panlilio “to negotiate, finalize terms and execute agreements in connection with the property acquisition of BHI’s subsidiary Friday’s Holdings Inc. in Brgy. Balabag, municipality of Malay, Boracay in Aklan.â€
In December, the property developer raised P652 million to fund the ongoing construction and expansion of its resort projects.
BHI is banking on the start of commercial operations of Friday’s Puerto Galera at Boquete Island in Mindoro to improve its earnings.
Aside from the resort projects, BHI is the company behind the Ternate-Nasugbu tunnel that is expected to ease the travel time from Tagaytay to Manila from four hours to an hour and 15 minutes through the Batangas coast.
BHI is keen on reviving Puerto Azul, which was once dubbed as “Asia’s Paradise Resort†and the “World’s Golfing Capital.â€
The project, which covers an area of approximately 3,000 hectares, is located in the municipality of Ternate in Cavite.
Under its expansion plan for Puerto Azul, BHI will build 11,563 residential units over a period of 20 to 25 years starting with 350 units of apartment residences.
The resort component involves the development of hotels, golf courses, country club, marina, theme park, sports and recreation facilities. The plan also includes the renovation of the existing 340-room hotel and the development of an 80-room boutique hotel and 150-room grand convention hotel.