BHI allows Ayala Land more time to study property in Ternate, Cavite

By VG Cabuag and Roderick Abad, BusinessMirror

Posted at Jul 29 2014 07:50 AM | Updated as of Jul 29 2014 03:50 PM

MANILA - Boulevard Holdings Inc. (BHI) said it has given the property development unit of the Ayala Group to conduct due diligence on its property in Ternate Cavite.

The extension was approved during the meeting held on Monday by the BHI board of directors, the company said in its disclosure to the Philippine Stock Exchange.

The Panlilio-owned property development company agreed in March to sell to Ayala Land Inc. certain parcels of its land in Ternate, Cavite to put up a high-end mixed-used community.

Boulevard said the transaction was worth about P2.3 billion but it did not state additional details of the transaction.

“The property is defined by a small bay with finger promontories sheltering the beach cove and a backdrop of mountains with magnificent ocean views and green forests that makes it prime real estate. BHI is also counting on other positive synergies from the development of these parcels,” the company said earlier.

The Ayala Land Premier brand will be used in the said development, it said.

The deal was supposed to be implemented late last year but other companies, including the SM Group, also courted the Panlilios for the property.

In 2009 BHI acquired seven parcels of land in Brgy. Sapang in Ternate, Cavite with a total area of about 106 hectares. It originaly planned to develop the site into company’s third Friday’s Resort, but the plan did not push through.

The company reported a 2-percent rise in consolidated sales of products and services to P127.22 million in fiscal year ended May 31 from P124.97 million in the same period last year.

For the last quarter, the company’s overall sales grew by P17.01 million from P110.21 million in the 10-month period ended on February 28.

For more Businessmirror stories, go here.