BOULEVARD Holdings, Inc. (BHI) will not have new projects for the second half but instead, focus on developing its Friday’s resorts in Puerto Galera and Boracay.
“We’re going to do a very conservative approach. We’re just going to improve our two Friday’s resorts first,” BHI President and Chief Executive Officer Jose Marcel E. Panlilio said during BHI’s annual stockholders’ meeting.
One of the company’s projects is the land connectivity of its Friday’s Puerto Galera at Boquete Island, which is an answer to the rising prices of oil that is causing higher operating costs.
BHI is set to complete in the second half of 2022 and until May next year water installations, re-conditioning, engine replacements and re-roofing projects.
Aside from upgrading its existing resorts, the company is also planning to acquire land in Siargao for an amount not higher than P100 million.
“We’ll probably purchase some land in Siargao but that won’t be more than P100 million and we’ll be given time to pay for it, like three years, and that would be good enough,” Mr. Panlilio added.
The company is also looking forward to growing the value of its 68-hectare land in Ternate, Cavite, which is said to be located near a project led by billionaire Enrique R. Razon, Jr.
Mr. Razon’s Bloomberry Resorts Corp. previously bought properties in Ternate that it intends to develop into an integrated resort.
“We would like our land to go up in value and at the same time we like to grow up with them [Mr. Razon’s group] next door because obviously they’re gonna talk with us again for joint ventures,” Mr. Panlilio said.
BHI is the owner of Friday’s Holdings, Inc., which operates Friday’s Boracay Beach Resort in Aklan. It is also the beneficial owner of the 45.46% equity in Friday’s Puerto Galera, Inc., owner of Friday’s Puerto Galera Beach Resort in Oriental Mindoro. — Justine Irish D. Tabile
