Ayala Land exits Puerto Azul

Property developer Ayala Land Inc. has exited its plan to acquire Puerto Azul seaside estate in Cavite from Boulevard Holdings Inc. (BHI), a resort developer led by businessman Jose Panlilio.

BHI said it received letters from Ayala Land cancelling with finality its request for reconsideration regarding the planned ALI-BHI Puerto Azul memorandum of agreement dated 13th March 2014.

BHI said Ayala Land decided to focus its resources on the recently launched PhP75-billion mixed-use township project in Porac, Pampanga. Ayala Land expressed interest last year to develop BHI’s seaside estate Puerto Azul in Ternate, Cavite. The parties started discussions last year.