Panlilio-owned Boulevard Holdings to sell condo portfolio

MANILA, Philippines — Panlilio-owned Boulevard Holdings is selling its entire portfolio of condominiums to fund its resort developments.

“Given the good prospects of property in Metro Manila at this time, BHI would rather sell and raise some cash to concentrate on our core businesses of resort hotel development and operations in Boracay Island, Puerto Galera and Cebu, as well as in resort property development, in Ternate, Cavite and Cebu,” BHI said in a letter to shareholders.

BHI said it has several mini-penthouse units near the Enterprise Tower in Makati, a penthouse in Ortigas and several office condo units in Makati.

During the audit of SGV, a permanent affiliate of EY International, the accountants relied on the latest fair market appraisals of BHI’s assets.

“It was pointed out our condominiums have now appreciated to about P77 million at the least, while valued on our books at P21.5 million. We shall also do a discussion on our recently released financials another time, but the preceding action would help the company focus on the remaining substantial assets left which are reflected at P1.8 billion, a book value from a long time ago, and without consideration to the accretive value of improving market conditions over the last two decades,” it said.

BHI was established and incorporated in 1994 as a holding company with primary interests in the development of hotels and resorts and  tourism-related businesses and investments in strategic land locations and rentable real estate properties.

The company also has investments in Friday’s Holdings Inc., owner and operator of Friday’s Boracay Island Beach Resort in Boracay Island, Aklan; Friday’s Puerto Galera, owner of Friday’s Puerto Galera Beach Resort in Boquete Island, Sto. Nino, Puerto Galera, Oriental Mindoro  and Crown One Land, a part owner of Friday’s Boracay Beach Resort.