Chinabank is planning the sale of the property where Emerald Bay was set to rise, after PH Resorts was unable to buy back the rights to the land in time from the lender.
According to reports, the head of the bank, billionaire Hans Sy, indicated that the property is up for sale for “people who showed interest”.
The 12.4-hectare plot involves the planned IR in Lapu-Lapu, Cebu, which has struggled to find financing and continue construction which began back in 2017.
PH Resorts, led by Dennis Uy, sold the property to Chinabank in 2023, in order to cover a bridge loan from the bank. The company was given an option to buy back the property by March 31st, of 2025.
In its most recent financial report, PH Resorts even indicated that, as of April 30th, it was ‘working on a possible repurchase option following its expiration’.
However, Chinabank’s Sy indicated that PH Resorts would no longer be buying back the property.
“We already gave them more than a year. It’s already in our name […] They don’t have to renew that (agreement) […] we’re not renewing anymore,” Sy told reporters.
This comes despite PH Resorts’ parent company Udenna Corp signing a memorandum of agreement with EEI Corporation on December 6th of last year ‘to finance, construct, and complete Emerald Bay’.
