Panlilio-Zamora group to spend $60M to jumpstart Puerto Azul redevelopment
Boulevard Holdings Inc. needs some $60 million to build a 300-key hotel and refurbish the Puerto Azul Golf Club in Ternate.
The redevelopment of the property is in joint venture with businessman Salvador Zamora II
In a stock exchange filing, the Panlilio-led Boulevard Holdings said about $40 million would go to the construction of the hotel while the remaining $20 million would go to the renovation of the golf club, slated for completion by the third quarter of 2017.
“ Construction will be in full swing at the end of the rainy season,” Boulevard Holdings said.
Boulevard Holdings said it was open to taking in another investor group, a large Korean consortium, which would likely handle about 200 to 400 hectares of mixed development. A well known local real estate brand may also join the redevelopment of the project.
According to the company, Architect European Golf Design—a joint venture between the European Tour & International Management Group (or, IMG which manages world famous sports players & events etc.)—is already at the Puerto Azul site making final design checks with the contractor.
Boulevard Holdings said the completed course is tentatively renamed as the ̈Don Salvador Zamora Championship Course ̈.
“That is a system of how we shall grow our resort revenues & cash flows & create a new cash flow stream from residential sales,” the company said.