BHI to Sell Portfolio of Condominiums Worth PhP77M

The management of Boulevard Holdings Inc. (PSE: BHI) has decided to sell its entire portfolio of condominiums, including several mini-penthouse units near the Enterprise Tower in Makati, a penthouse in Ortigas, and several office condo units in Makati.

In a letter disclosed to shareholders today, BHI Chairman and CEO J. Marcel Panlilio said that during the audit of SGV, a permanent affiliate of EY International, the company’s condominiums have now appreciated to about PhP77 million pesos at the least, while valued on the company’s books at PhP21.5 million.

“Given the good prospects of property in Metro Manila at this time, BHI would rather sell and raise some cash to concentrate on our core businesses of resort hotel development and operations in Boracay Island, Puerto Galera, and Cebu, as well as in resort property development, in Ternate, Cavite, and Cebu,” said Panlilio. “We shall also do a discussion on our recently released financials another time, but the preceding action would help the company focus on the remaining substantial assets left which are reflected at 1.8 billion, a book value from a long time ago, and without consideration to the accretive value from of improving market conditions over the last two decades.”

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