Ranked as one of the country's biggest developers, Ayala Land, Inc. (ALI) is looking to revive its bid for a sizable land area in Puerto Azul, a resort development in Ternate, Cavite.
Ayala Land had previously bid P2.3 billion for a portion of the development, but canceled its offer in September, stating that the funds have already been relegated to Alviera, its P75-billion development in Porac, Pampanga.
In a disclosure to the Philippine Stock Exchange, Puerto Azul owner Boulevard Holdings Inc. (BHI) issued that they are back in talks with the property giant, who wants to "make another offer" for a "large chunk" of the resort, said BHI head Jose Juan "Giggio" Jugo.
According to Jugo, Ayala Land may be interested in acquiring a thousand hectares of the 3,000-hectare resort. Two foreign real estate firms have likewise taken interest to develop the property, along with a “local private company, leading another consortium of Indonesians and Chinese who own golf courses and casino resorts," as per the report.
“With their money to be injected and a consortium of good local expertise, we can revive the vision of the destination," issued BHI. "All we can say for now is we are determined to finish this, since both funds are looking for an Asian real estate weighing to their portfolios."
A holding company specializing in properties and businesses in leisure and tourism , BHI is known for Friday's Boracay Beach Resort, Friday's Boquete Beach Resort, and Friday's Puerto Azul.
Recent land disputes over Friday's Boracay led to significant losses on the company's part. Sales plummeted by 50 percent, going from P42.67 million from 2013 to P21.2 million within the first five months of the fiscal year.