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Chinabank Chairman Hans T. Sy and President & CEO Romeo D. UyanWhile Davao tycoon Dennis A. Uy’s PH Resorts Group Holdings Inc. still hopes to be able to buy back the its Emerald Bay resort property, China Banking Corporation is opening talks to sell it to other interested parties.
In an interview, Chinabank Chairman Hans T. Sy said “We’ll start opening up to people who showed interest. There are a couple of interested parties.”
“We gave Dennis, really, a chance to redeem. Of course he is appealing (nakikiusap) but we already gave him more than a year. It’s really in our name already,” Sy noted.
He added that, “They have a leaseback. They don’t have to renew that. No more. It’s expired now. We’re not renewing anymore… We always do things with a heart. We gave them a chance. That’s true. It’s almost two years. A year and a half. More than year. At least, we don’t want to really be very ruthless.”
However, Sy said it will not be easy selling the property, even though it has a very good location, because of its size.”
He also said that SM Prime will not be taking over the development of the property since it’s hands are already full with its plans of putting up various integrated development properties nationwide aside from the major reclamation project in Manila Bay.
In its annual report filed last week, PH Resorts said it is working on a possible repurchase option for the land that will house its Emerald Bay Resort in Mactan following its expiration on March 31, 2025.
On October 2, 2023, PHR subsidiary Lapu-Lapu Leisure Inc. (LLI) entered into a lease agreement with China Banking Corporation to lease back the improvements in Emerald Bay and the parcels of land amounting to 12.4 hectares after both LLI and Lapu-Lapu Land Corporation (LLC) assigned all their rights over the property to the bank.
PHR said LLI or its assignee has the option to purchase back the properties within the option period up to March 31, 2025, plus all taxes, legal costs, fees and expenses paid by Chinabank in relation to the Deeds of Assignment and the transactions contemplated.
“As of April 30, 2025, the Group and EEI have ongoing discussions to determine and finalize the terms of the agreements,” PH Resorts said.
On December 6, 2024, Udenna Corporation (Udenna), the ultimate parent company, executed a Memorandum of Understanding (MOU) with EEI regarding Emerald Bay in Punta Engano, Mactan Island, Cebu.
The MOU provides an avenue for a potential partnership between EEI and the Group, upon the execution of the definitive agreements and subject to the fulfilment of conditions precedent and regulatory approvals, if any.
The MOU also paves the way for EEI to execute an agreement with PHR or its subsidiaries LLI and LLC, to finance, construct, and complete Emerald Bay.
Advances of ₱300.0 million was received by LLI from EEI through Udenna in January 2025. These advances from a related party were used to partially fund the lease and interest payments to Chinabank.
