Panlilios put Friday’s Puerto Galera resort on hold due to lack of cash
Boulevard Holdings Inc. has tentatively put on hold the construction of Friday’s resort hotel in Puerto Galera.
In a filing with the Philippine Stock Exchange, BHI said it needs around P150 million to P200 million to complete the development of the resort located on a 3.8 hectare property in Boquete Island in Oriental Mindoro.
Once completed, the project will have 80 luxurious native cottage-styled rooms, restaurant, outdoor pool, dive shop, gym and spa treatment pavilion.
BHI said the project was about 78 percent complete and was projected to open within the first half of 2017.
“The architects are from the Maldives while the landscape design, architectural and engineering design, and full interior design are by Palafox Associates. This would provide additional revenues in the future,” BHI said.
BHI has trimmed its net loss to P512,147 in the three months ending August this year from P2.02 million.