Ayala denies making new offer for Puerto Azul


Posted at Dec 02 2014 05:20 PM | Updated as of Dec 03 2014 01:20 AM

MANILA, Philippines - Ayala Land on Tuesday denied it has made a new offer for the Puerto Azul property owned by Boulevard Holdings.

"Though we always look for opportunities, no new offer and commercial offer for Puerto Azul has been made," ALI president Bobby Dy said.

The denial comes after Boulevard Holdings president Marcial Panilio said Ayala Land Premier head Jose Juan Jugo made another offer to acquire part of the Puerto Azul property last November 17.

"We don't know if this verbal offer is serious or where they are coming from. Nothing is for sure and this topic is still informational," Panlilio said in a letter to shareholders dated December 2.

Last year, Ayala Land expressed interest to develop Puerto Azul. However, the discussions fell through in September.

Aside from Ayala Land, Panlilio said the Puerto Azul property has attracted the interest of two foreign investors. The first is a foreign investor that had recently bought a property in Europe similar to Puerto Azul, while the other one is a consortium of Indonesians and Chinese who already own golf courses and casinos.

"We are now reviewing their counteroffer," Panlilio said.