The Fridays Group Just Acquired Beachfront Property in Siargao Worth P103 Million
Listed company Boulevard Holdings Inc. (BHI) has purchased a piece of land in the tropical island of Siargao in Surigao Del Norte that it will develop into a new resort property, the company announced on Tuesday (June 6).
BHI is the parent company of Fridays Holdings Inc., which, in turn, owns Fridays Boracay and Fridays Puerto Galera. In a disclosure to the Philippine Stock Exchange, BHI said that it has bought the 5,216-square meter property that had been wrecked by supertyphoon Odette, which hit the island and other parts of Visayas and Mindanao in December 2021.
At P19,747 per square meter, the property cost BHI a total of P103 million, which it intends to pay over a year and a half. The amount is P3 million higher than the initial P100 million BHI had planned to spend when it first disclosed that it was planning to buy property in Siargao in August last year.
According to BHI chairman, president and CEO Jose Marcel Panlilio, most beachfront locations in Siargao are priced from P40,000 to P60,000 per square meter.
“The location is magnificent fronting the white sand beaches of Malinao,” Panlilio said. “In Siargao close to surfer activities, there are mostly sharp sanded waterfronts, or swampy mangrove choices.”
BHI said it plans to open “a modest sized, 20 to 40-key Fridays property as soon as possible at a low budget cost of P50 million to P120 million.”
Fridays is perhaps best-known for its beach resort in Boracay. Located on the northern end of White Beach, Fridays Boracay first opened in 1982 and has become one of the island’s best-known lodging places. Unfortunately, it was forced to shutter its doors in April 2018 after then-President Rodrigo Duterte ordered the closure of the entire island for six months for rehabilitation. It was again closed when the pandemic hit in March 2020.
In June 2022, Panlilio said Fridays Boracay will undergo extensive renovation before it reopened. It had initially targeted its reopening by September 2022, but as of June 2023, the resort was still closed, as per an announcement on its official Facebook page.
BHI also owns and operates Fridays Puerto Galera and also acquired a 68-hectare piece of land in Ternate, Cavite, which is adjacent to property owned by billionaire Enrique Razon’s Bloomberry Resorts Corp.