Listed propety developer Boulevard Holdings Inc. said Tuesday it plans to develop a modest-sized Fridays property in a lot it recently bought in Siargao, a major surfing destination in the country.
In a letter to shareholders, BHI chairman, president and chief executive officer Marcel Panlilio said the strategy is build a “20- to 40-key Fridays property as soon as possible at a low budget cost of P50 million to P120 million.”
He said the 5,216-square meter property it bought in Siargao in January was the site of a typhoon-wrecked hotel. The property was purchased for P19,747 a square metr or a total P103 million, which must be paid by mid-2024.
Panlilio said the property is located in front of the white sand beaches of Malinao. He added that most beachfront locations in Siargao are selling for P40,000 to P60,000 per square meter.
