ALI acquires Panlilio property

MANILA, Philippines - Property giant Ayala Land Inc. (ALI) has acquired a large landbank in Cavite worth more than P2 billion, positioning the area for its upscale mixed-use developments.

In a disclosure to the Stock exchange, Boulevard Holdings Inc. (BHI) of the Panlilio family said it agreed to sell certain parcels of land to ALI, completing a deal previously set back by numerous delays.

The property, located in Ternate, Cavite, “will be used to develop a high-end mixed-used community using the Ayala Land Premier brand,” BHI said.

“The parties have valued the transaction at P2.3 billion. BHI is also counting on other positive synergies from the development of these parcels,” BHI added.

The deal is expected to be finalized in the next three to four months following requisite approvals and conduct of due diligence.

BHI said the Ternate property features a “small bay with finger promontories sheltering the beach cove and a backdrop of mountains with magnificent ocean views and green forests that makes it prime real estate.”

In November 2012, BHI announced its plan to sell parcels of land to ALI but the deal encountered numerous delays.

BHI said the transaction will generate cash that can be used to further develop various projects. The Panlilio family’s listed firm owns a vast landbank in Ternate that includes the 3,000-hectare Puerto Azul complex.

BHI earlier tapped international planning and design service firm AECOM to formulate a masterplan for the resort development. AECOM is the designer of 2012 London Olympics Legacy masterplan, Abu Dhabi’s Saadiyat Island masterplan, Universal Studios Island of Adventure Theme Park in Florida, Disney’s California Adventure Park and Universal Studios in Singapore.

The Panlilio family is keen on reviving Puerto Azul, which was once dubbed as “Asia’s Paradise Resort” and the “World’s Golfing Capital.”

Under its previous plan, BHI intends to build 11,563 residential units over a period of 20 to 25 years starting with 350 units of apartment residences. The resort component also involves the development of hotels, golf courses, country club, marina, theme park, sports and recreation facilities.