BOULEVARD Holdings, Inc. (BHI) will be selling its portfolio of condominiums in Metro Manila worth about P77 million, as it plans to focus on its resort business in key tourist destinations.
In a letter to its shareholders on Friday, the Panlilio-led firm said its management has decided to sell its entire portfolio of condominiums that are valued at P21.5 million on the company’s books, but have since appreciated to at least P77 million.
The properties include mini-penthouse units near the Enterprise Tower in Makati, a penthouse in an Ortigas building, as well as several office condominium units in Makati. The values of the properties were based on the latest fair market appraisal by accounting firm SGV’s affiliate, EY International.
“Given the good prospects of property in 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 Chairman and Chief Executive Officer Jose Marcel E. Panlilio said.
BHI also said this move will help it focus on the remaining assets it has valued at about P1.8 billion, without considering their accretive value over the last two decades.
The company’s core business is in the operation of resort developments. Its subsidiary, Friday’s Holdings, Inc., owns and operates Friday’s Boracay Beach Resort in Boracay Island. It also owns Friday’s Puerto Galera, Inc., which operates Friday’s Puerto Galera Beach Resort in Boquete Island, Sto. Nino, Puerta Galera.
The firm was among those affected by the government’s six-month rehabilitation efforts in Boracay Island, as the Department of Environment and Natural Resources ordered shut all resorts and establishments from April to October.
BHI booked a net loss attributable to the parent of P37.82 million in its fiscal year ending May 31, 2018, slightly cutting its attributable loss from P39.2 million in the previous year. Revenues meanwhile grew by 3% to P100.72 million.
Shares in BHI jumped 4.41% or 0.30 centavos to close at 7.10 centavos each at the stock exchange on Friday. — Arra B. Francia