BHI-Moalboal Disclosure - Boulevard Holdings, Inc.

November 4, 2011
PHILIPPINE STOCK EXCHANGE, INC.
Disclosure Department
3/F, Ayala Tower 1
Ayala Triangle, Ayala Avenue
Makati City
Attention:
MS. JANET A. ENCARNACION
Head, Disclosure Department
Gentlemen:
Boulevard Holdings, Inc. (“BHI”) has agreed to serve as property lease manager for Cebu resort
estate landowner, Tri-Islands Corporate Holdings, Inc., for a “tryout” period of two (2) years.
The latter’s land is located at Barangay Saavedra, Moalboal, Cebu, and is approximately 300 hectares
of beach front property, making up a substantive portion of the Moalboal Peninsula. Moalboal is a
well-known tourist destination, especially for diving and beach activities in Cebu, and is about 2
hours due southwest from Cebu City.
In exchange for such services, BHI will receive a fee of 30% of the gross leases on every new lease
rental signed up with mainly foreign lessees for a period of two years effective November 8, 2011.
Specifically, an average lease in that area covers 1,000 sq meters at a rate of Php 800 to Php 1,000
per month, or Php 1 million each month, for example. BHI hopes to close a low of 10 leases a year
to a high of 20, adding to its bottom line. The company will most likely assign subsidiary Fridays
Holdings, Inc. (“FHI”) to handle this.
Attached is the signed Agreement, marked as ANNEX A. Coincidentally, FHI owns some land in
the same area. We have attached the planned Fridays Moalboal as ANNEX B, to give a
backgrounder to destination of Moalboal.
Thank you.
Very truly yours,
ANNEX
B
Fridays Moalboal
Moalboal
Cebu, Philippines
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Fridays Moalboal
 Moalboal, Cebu Island
 It was in the province of Cebu that Ferdinand
Magellan first set foot in Philippine soil back in 1521.
Even before the Spaniards came, trade with the
Chinese already flourished in the province.
 Cebu is 365 miles south of Manila in the center of
the Philippines archipelago and can be reached in
an hour through air travel.
 The topography of Cebu is characterized by narrow
coastlines of white sand beaches, limestone
plateaus, and coastal plains but with predominant
rolling hills and rugged mountain ranges traversing
the northern and southern lengths of the island.
MOALBOAL
Fridays Moalboal
 Property Location
 Fridays Moalboal is situated on the Southern end
of Cebu Island.
CEBU
 Cebu Island is bounded by the Visayan Sea in
the north, the Bohol Straight – which separates
the islands of Leyte and Bohol – in the east, the
Bohol Sea in the south, and the Tañon Strait in
the west.
 In recent years Cebu has developed into a model
independent area with a deep-water port,
international airport and attractive beaches and
resort developments, becoming a magnet for
investment - both Filipino and foreign.
FRIDAYS MOALBOAL
BEACH RESORT
84
Fridays Moalboal
 Land Description
 The 1.6 hectare beachfront titled property will be
located within a 281 hectare of property controlled
by the Enriques-Panlilio family and is and is one of
the largest pieces of non-agricultural contiguous
land in the Province of Cebu.
 In the early 80s, the late Dr. Rebecco Panlilio
donated to the Philippine Tourism Authority some 37
hectares in Basdiot, which is now the center for
foreign bohemian tourism in the south of the island.
 With 281 hectares, there are kilometers and
kilometers of beachfront or coastline to choose from
for the Fridays development site.
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Fridays Moalboal
 Beach Access
 The site provides direct access to the white beaches of Moalboal and the blue waters of the Tañon
Strait.
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Fridays Moalboal
 Around the Resort
 The Moalboal property will provide Guests with that same fun and relaxing experience of Fridays
Hotels and Resorts.
87
Fridays Moalboal
 On the Water
 Moalboal and Cebu have some of the best water sports and Guests will be able to do many of these
activties right in front of the property.
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Fridays Moalboal
 Under the Water
 Moalboal owes its popularity almost entirely to
snokeling and scuba diving, with a reef just off the
beach from the resort area. The crown jewel of
Moalboal’s diving is tiny Pescador Island, which
sits just 2 km offshore from Fridays Moalboal site.
FRIDAYS
MOALBOAL RESORT
89
Fridays Moalboal
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 The Central Visayas combine the islands of Cebu and Bohol, which are rich in culture – from their
great seafood and beautiful beaches to their historical buildings and unique terrain.
90
Fridays Moalboal
 The Development Plan
MOALBOAL
PRELIMINARY CONCEPT
 Number of Keys:
 40 Premier Suites
 40 Total Keys
 Development Schedule:
 Design Completion Aug. 2010
 Permits and LicensesDec. 2010
 Commencement of Construction Feb. 2011
 Completion of Construction
Jul. 2012
 Soft Opening
Dec. 2012
 Stabilization
Dec. 2013
91
Fridays Moalboal
 The Design
 The hotel rooms will have unobstructed views of the island’s palm-tree covered beach and the blue
waters of the Tañon Strait.
92
Fridays Moalboal
 Development Budget
Component
Total (P)
Per Key (P)

Land*
100,000,000
2,500,000
2,083,333
52,083

Building and Site Improvements
188,940,000 4,723,500
3,936,250
98,406

Soft Costs
4,175,574
104,389
86,991
2,175

Furniture, Fixtures & Equipment
28,416,574
710,414
592,012
14,800

Pre-Opening & Working Capital
TOTAL
15,115,196
P336,647,344
377,880
P8,416,184
Total (US$)
Per Key (US$)
314,900
7,872
US$7,013,486 US$175,337
*land area 50,000 sq. m. which includes reserve areas for future expansion (34,000 sq.m. valued at P68M).
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