Ayala Land drops Puerto Azul

MANILA, Philippines – Property giant Ayala Land Inc. (ALI) has terminated its plan to acquire Puerto Azul from Panlilio-owned Boulevard Holdings Inc. (BHI).

In a disclosure to the stock exchange, BHI said it had received letters from Ayala Land “cancelling with finality” its request for reconsideration regarding the planned ALI-BHI Puerto Azul memorandum of agreement dated March 13, 2014.

BHI reported in March that Ayala Land was interested in buying 3,000 hectares of land worth P2.3 billion ($51.31 million*) in the seaside estate Puerto Azul in Ternate, Cavite. Both parties have been in discussions since then.

The Puerto Azul property, using the Ayala Land Premier brand, was envisioned to become a master-planned resort project, which includes condominiums, hotels, retirement village, golf courses, and retail stores.

BHI said Ayala Land decided to focus its resources on Alviera, the P75-billion ($1.67-billion*) mixed-use township project in Porac, Pampanga.

Alviera is Ayala Land’s first large-scale estate development in Central Luzon.

New door?

“Now the game with ALI has ended and it’s time to get on with other things, where a new door may open again,” BHI said.

BHI added that it can consider to return to all those they deferred while they focused for almost two years on their “preferred” partnership with Ayala Land.

“[We can also] take more inputs from our professional realty advisers for the land assets,” BHI added.

BHI was established in 1994 as a holding company with primary interests in the development of hotels, resorts, and tourism-related businesses and investments in strategic land locations and rentable real estate properties.

Apart from Puerto Azul, BHI is also the owner and operator of Friday’s Boracay Island Beach Resort in Boracay Island, Aklan; Crown One Land, Inc.; and Friday’s Puerto Galera, Inc. – Rappler.com

($1 = P44.82)