Boulevard Holdings, Inc. said its board of directors had approved to expand the company’s involvement in an investment consortium to develop a “word-class resort city” in Cavite by adding more of its land parcels.
In a regulatory filing on Thursday, the company said JP Guilds, Inc. requested Boulevard Holdings to add 300,000 square meters (sq.m.) or 30 hectares of land parcels to the project.
JP Guilds is the minority consortium leader of private landholding owners.
“The finalization of the agreement is still subject for review and consideration by the investing parties,” Boulevard Holdings said.
The additional 30 hectares expands the company’s total project involvement to 57 hectares or over half of its Cavite landbank, which is around 106 hectares.
Its initial involvement spanning 27 hectares of land parcels is now “under inspection, due diligence for eventual closing” by private majority partner Enrique K. Razon, Jr.
Boulevard Holdings said the expansion will provide future resort guests “magnificent views” of Manila Bay and the West Philippine Sea.
On Friday, shares of Boulevard Holdings went up by 1.98% or P0.002 to close at P0.103 apiece. — Keren Concepcion G. Valmonte