MANILA, Philippines – Property giant Ayala Land Inc. (ALI) is moving closer to beefing up its resort holdings by acquiring properties from the Panlilio family’s Boulevard Holdings Inc. (BHI).
The parties are expected to sign a memorandum of agreement for a partnership in a Cavite resort development next month or early next year.
In a regulatory filing, BHI said its board of directors “approved to amend the terms of reference executed between BHI and ALI in April 2013 in favor of a more beneficial arrangement involving a recurring income stream on new property sales for an infinite period, subject to topographical feasibility.”
In April, ALI agreed to acquire certain landholding assets of BHI, which owns a vast landbank in Ternate, Cavite that includes the 3,000-hectare Puerto Azul complex.
Specifically, BHI said, ALI will develop only up to 25 percent of the property in line with its environmental ethics.
In the April to October topographical survey, the property showed more slopes than expected, BHI said.
The listed firm tapped international planning and design service firm AECOM to formulate a masterplan for the resort development. AECOM is the designer of 2012 London Olympics Legacy masterplan, Abu Dhabi’s Saadiyat Island masterplan, Universal Studios Island of Adventure Theme Park in Florida, Disney’s California Adventure Park and Universal Studios in Singapore.
“The board has received inputs from Panlilio family members here and abroad to accommodate ALI, and not to give it a difficult financial time to complete its project inside Puerto Azul,” BHI said.
The Panlilio family is keen on reviving Puerto Azul, which was once dubbed as “Asia’s Paradise Resort” and the “World’s Golfing Capital.”
Under its previous plan, BHI intends to build 11,563 residential units over a period of 20 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.
Early this year, ALI announced its plans to expand its presence in the country’s beach resort segment to capitalize on the anticipated rise in tourism arrivals in the country. In particular, ALI plans to develop tourism estates in Luzon and Visayas with robust marine life and world-class beaches.
ALI nears acquisition of Panlilio properties in Cavite
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