Boulevard Holdings Inc. has accepted a US$10-million investment offer from a consortium led by Sumitomo Mitsui of Japan and now considers a PhP13.5 billion joint-venture proposal from its affiliate company JP Guilds Inc. for the redevelopment of the 3,000-hectare Puerto Azul resort complex. Also approved was a plan by management to look for other possible private investors for BHI, a tourism-oriented firm led by the Panlilio family.
JG Guilds offered to render marketing and financial representations for the Puerto Azul complex. JP Guilds said the Puerto Azul property could be developed into a master-planned resort project offering condominiums, hotels, retirement village, golf courses and retail development. Local and foreign investors have expressed interest in the property through joint venture partnerships and land lease or purchase. The property is valued at PhP45 billion.
JP Guilds plans to build 11,563 residential units over a period of 20 to 25 years, starting with 350 units of apartment residences. The company plans to renovate the existing 340-room hotel and build an 80-room boutique hotel and 150-room grand convention hotel.