The history of Puerto Azul in the Philippines reads like a much touted mega resort project out of the 1980s that never quite succeeded. At 3,300 hectares it’s almost three times the size of Mandalika in Lombok and about twice the size of Lagoi Bay in Bintan. ABS-CBN news has more background here. Things are about to change for this master planned coastal resort destination that’s only 50km from Manila.
In a disclosure to the Philippine Stock Exchange, Boulevard Holdings said Ayala Land Inc (ALI), SM Development Corp (SMDC) and a “significant quality developer around the Makati area” have expressed interest to develop parcels of land in Puerto Azul.
In a letter addressed to Boulevard Holdings chairman Jose Marcel Panlilio dated August 13, 2012, SMDC vice chairman Henry Sy Jr. said the company intends to pursue a possible joint venture for the development of the properties of Puerto Azul, subject to the due diligence and mutually acceptable sharing arrangement.
Boulevard Holdings said it has yet to process SMDC’s proposal. A representative of the SM group declined to comment on the possible tie-up.
“Because we are not much of a big organization we prefer to do a first in, first out processing of any partner/investor interest in BHI’s resort lands,” Boulevard Holdings said.
The listed firm said discussion with the Ayala group “is never a sure thing until signed.” In April, ALI agreed to acquire certain landholding assets of the Panlilio-led holding firm.
Boulevard Holdings had said the focus of its talks with Ayala Land Premier, the high-end unit of ALI, was for a parcel of land originally designated for a 300-key Fridays Beach Resort Hotel.
ALI president Antonino Aquino had said the property giant plans to build a leisure-oriented project in the property.
In 2011, Boulevard Holdings acquired Cala Paniman Inc, which owns the Cresta Grande subdivision, a 21-hectare sea view promontory parcel overlooking the China Sea and Corregidor Island.
Cala will be used to develop, as co-master partner, the 3,000-hectare Puerto Azul complex in Cavite.
Image: ABS CBN News