ALI revives plan to acquire Puerto Azul

MANILA, Philippines - Property giant Ayala Land Inc. (ALI) has reportedly revived its plan to acquire parcels of land in the Puerto Azul complex in Cavite, the Panlilio-owned Boulevard Holdings Inc. (BHI) said.

In a disclosure to the stock exchange, BHI said ALI has made moves to revive the transactions which were terminated two months ago.

 “Two weeks ago on Nov. 17, our Puerto Azul manager got a call from Ayala Land Premier head, Giggio Jugo, that their principals instructed him to make another offer about Puerto,” BHI said.

This time around, BHI said ALI offered “to buy the whole thing” or the entire 3,000-hectare Puerto Azul property.  

In September, BHI reported that it received letters from ALI terminating the sale transaction it entered into last March on the supposed purchase of parcels of land in Puerto Azul.

BHI said ALI decided to deploy its capital elsewhere, specifically in the development of its P75-billion Alvierra masterplanned township project in Porac, Pampanga.

“Before we go through this again, we had requested, on Saturday Nov. 22, the ALI Premier head to kindly advise their president and CEO, Mr. Bobby Dy, to call the undersigned as a reckoning to any elaboration of their offer, oral or written. We don’t know if this verbal offer is serious or where they are  coming from. Nothing is for sure and this topic is still informational,” BHI said.

In a text message, ALI president and chief executive officer Bernard Vincent Dy  said the company has not made a formal offer to the Panlilio Group regarding the purchase of the property.

“Though we always look for opportunities in land acquisition, no new and formal commercial offer for Puerto Azul has been made,” Dy said.

The Puerto Azul property in Ternate, Cavite has been eyed as a master-planned resort project that will feature condominiums, hotels, golf courses and retail developments.

Aside from Puerto Azul, BHI owns and operates resort developments in Boracay Island and Puerto Galera.