Boulevard Holdings, Inc. said that its board of directors has authorized expanding the company’s participation in an investment partnership to construct a “world-class resort city” in Cavite by incorporating additional of its property parcels.
JP Guilds, Inc. sought 300,000 square meters (sq.m.) or 30 hectares of land parcels for the project, according to a regulatory filing on Thursday.
JP Guilds is the head of a minority group of private landowners.
Boulevard Holdings said that “the finalization of the agreement is still subject to examination and discussion by the investing parties.”
The extra 30 hectares bring the company’s overall project engagement to 57 hectares, or somewhat more than half of their Cavite landbank of around 106 hectares.
Its first stake, comprising 27 hectares of property parcels, is currently “under examination, due diligence for ultimate closing,” according to private majority partner Enrique K. Razon, Jr.
According to Boulevard Holdings, the extension would give future resort visitors with “magnificent vistas” of Manila Bay and the West Philippine Sea.