BHI in talks with foreign property firm for Cavite project
By Arra B. Francia, Senior Reporter
BOULEVARD Holdings, Inc. (BHI) is in talks with a foreign real estate firm for the development of a piece of land next to the soon-to-be-opened Zamora Ocean Course in Cavite.
In a message to shareholders disclosed on Friday, BHI Chairman and Chief Executive Officer Jose Marcel E. Panlilio said they are entertaining a counter offer from a Japanese-Hong Kong developer to acquire or participate in the projetc’s development.
“The foreign entity is one of the few successful Japanese-Hong Kong developers to venture abroad in most of the high-end Asian capitals, putting up high rises, shopping malls, super premium residential villas and office towers. Its affiliate is also part of the Hang Seng Index,” Mr. Panlilio said.
The company said it has already conducted due diligence for the past two months, with most conditions favorable to both parties. It will finalize more details in the company’s upcoming board meeting on July 29.
Once completed, the company said the project will cater to middle-income Japanese retirees and airline crew.
“We can say that BHI might finally benefit from the Duterte bonanza with more foreign investors in town and the Sangley Airport soon to be developed,” Mr. Panlilio said.
On the other hand, the company also said they are looking to launch their mixed use township project with privately held firm Revolution Precrafted Properties Philippines, Inc. (RPPPI) by August.
Mr. Panlilio noted that their partner had to move the launch date due to revisions on the density for project, which includes a 500 to 700-unit condotel, residential, and villas on one of the firm’s beach properties.
The project is seen to fetch P1.9 billion in sales, 15% of which will go to BHI over a four to five-year period.
“All they need now is to come to terms with the best contractor to start this,” Mr. Panlilio said, adding that they will disclose more details by mid-August.
BHI posted a net income attributable to the parent of P2.51 million in its quarter ending Feb. 28, following gross revenues of P41.3 million, three percent higher year on year.
Shares in BHI jumped 3.12% or 0.2 centavos to close at 6.6 centavos apiece on Friday.
