Philippines: Boulevard Holdings revives Puerto Galera resort

Philippines: Boulevard Holdings revives Puerto Galera resort

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Boulevard Holdings Inc (BHI) will revive construction of a resort in popular tourism destination Puerto Galera by February next year.

In a disclosure to the Philippine Stock Exchange, the Panlilio-led BHI said, “There are no changes to this unfinished resort placed in ‘ice’ … [but] we had informed Langdon & Seah, our project manager, [that] we intend to restart on February 1 next year.”

The construction of Friday’s Puerto Galera Hotel was delayed because of Typhoon ‘Yolanda’, which struck the country late last year.

The resort is 65 percent complete, but the company will require P150 million more to complete it. This would be on top of the P235 million in cash that BHI already poured into the project.

In 2011, Boulevard Holdings acquired Cala Paniman, which owns the Cresta Grande subdivision, a 21-hectare sea view promontory parcel overlooking the China Sea and Corregidor Island.

BHI also owns and operates Friday’s Boracay Island Beach Resort and Crown One Land Inc.

Inter Aksyon

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