MANILA, Philippines – Century Properties Group Inc. has regained temporary court protection preventing Japanese gaming tycoon Kazuo Okada from terminating a partnership deal for a luxury residential development in a $2-billion megacasino project in Parañaque.
In a regulatory filing, the property firm of the Antonio family said it secured a new court order that barred the Okada Group from cutting its ties with Century Properties.
“The company was notified by its legal counsel of a court order dated July 25, which granted Century Properties’ application for a preliminary prohibitory injunction against the Okada Group,” the firm said.
It is the third court order in favor of Century Properties. In April and May, the company secured temporary orders of protection that prevented the Okada Group from ending their partnership agreement.
Late in March, Century Properties received a termination notice from Eagle I Landholdings Inc., Eagle II Holdco Inc., and Brontia Ltd. – companies under the Okada Group.
The new court order barred the Okada Group “from dealing with any other party for the development of the commercial/residential land and the commercial/residential project itself as contained in said agreements,” Century Properties said.
Last October, Century Properties signed a memorandum of agreement with Eagle 1 Landholdings to develop five hectares of land within the 44-hectare site to be called Manila Bay Resorts.
The investment deal gave Century Properties the rights to secure 36 percent of Eagle 1, the affiliate of Okada’s Universal Entertainment Corp., which is listed in the Tokyo Stock Exchange.
But First Paramount Holdings 888 Inc., another party to the transaction, backed out of the deal.
Century Properties said the withdrawal of First Paramount should not have rendered the deal ineffective, as the provisions under the investment agreement provided alternative measures to exhaust all reasonable means for the said agreement to be finalized.
On the five-hectare site, Century Properties had planned to develop luxury residential and retail properties that will total over 300,000 square meters of gross floor area.
The real еstatе firm had said it was ready to proceed with the deal as it already allotted $12 million for the development.
Okada’s Tiger Resorts & Leisure Corp. is the company behind a $2-billion integrated casino project along Manila Bay. In May last year, Tiger Resorts ended its partnership with Gokongwei-led Robinsons Land Corp. to jointly develop the hotel and casino complex.
The Okada Group is one of four licensees to operate a casino complex in the 120-hectare Entertainment City, which is being groomed as the Philippines’ answer to gaming hubs in Singapore, Las Vegas, and Macau.
Last year, port mogul Enrique Razon opened the $1.2-billion Solaire Resort’s Casino while the SM Group’s Belle Corp. and Macau casino giant Melco Crown Entertainment Ltd. will start commercial operations of the $1.3-billion City of Dreams Manila in October. The $1.1-billion Resorts World Bayshore of Travellers International Hotel Group Inc. will be opened in 2017 at the earliest.
To our Century Properties partners, stakeholders, and communities,
As we closely monitor the developments on the coronavirus (COVID-19) and the government’s declaration of a community quarantine in the National Capital Region, we recognize that we have entered a unique and challenging time.
Despite this, we want to assure you that your safety and well-being are our priority. We are grateful that you continue to choose us as your partner and developer, and trust us to handle your business, property investment, and home with utmost professionalism and genuine care.
To safeguard your health, we have implemented steps to ensure that all safety measures and guidelines from the Department of Health and the World Health Organization are disseminated to our properties and communities, and our property management teams are well staffed and prepared with the proper contingencies to assist the needs of our tenants and residents. We are prepared for medical emergencies, and protocols are in place should we encounter COVID-19 cases within our properties. We have no reported cases at this time, but we are preparing for all eventualities.
We also augmented our equipment and know-how to implement additional precautionary measures in our communities, including the regular disinfection of common areas and tapping the expertise of hospital-grade cleaning providers to train our teams in applying high standards of sanitation in our properties.
Our employees are likewise important to us, as they are the lifeblood of our operations and services to you. Our valuable concierge, security personnel, housekeeping, and engineering staff will continue to serve you round the clock. And to do so without compromising their health and safety, they have been equipped with protective gear and are strictly observing hygiene measures to reduce the risks of transmission.
Furthermore, our support staff who are servicing our partners, tenants, and property buyers are adopting flexible working arrangements to continue to assist you. We will be open with augmentation from personnel who will be working from home as part of the contingencies we have in place. Our partner and client-facing teams will inform you of any adjustments on this end, and we hope for your understanding as we also protect the health of our employees and their families, and support government efforts to contain the further spread of COVID-19 in the country.
Rest assured that no matter the difficulties, we are here for you and we are here to stay. Our company has been around for 34 years, with our strong foundations built upon the wisdom and experience of our management, and the expertise of our young, committed, and dependable team. We have endured disasters and economic downturns for more than three decades, and with your help and cooperation we can weather this challenge together and come back from this even stronger.
As you also do your personal assessment of what’s going on, let us know how we can help you.
If you have any concerns with your property purchase, call your agent or send our documentations and collections team a message. We are going to provide utmost consideration and assistance to our clients who have been diagnosed with COVID-19. Let’s talk and please don’t worry.
If you are feeling unwell or need medical assistance, call or Viber our building concierge. Our Urgent Care Clinic at Centuria Medical Makati, located in Century City, is open 24 hours for your medical needs should you feel worried about possible coronavirus symptoms or other illnesses.
Retail tenants are also welcome to contact us for questions concerning the latest guidelines from the government as malls and other public-facing establishments reduce operating hours.
In case stores have run out of alcohol, sanitizers, or hygiene kits, let our concierge know and we will do our best to help source them for you.
Contact details of our various support teams are below. Or simply reply to this e-mail so we can have someone assist you immediately.
We are here to help ease your concerns. We are confident that the resilience of Filipinos, coupled with everyone’s perseverance and cooperation, will help our country emerge stronger from this challenge.
Thank you for your time and please remember to take the necessary health precautions for you and your family. We pray for everyone’s safety as we navigate this challenge and will update you as we have new and pertinent information.
MARCO R. ANTONIO
President and CEO
Century Properties Group
Please contact us for your concerns:
Urgent Care Clinic
Centuria Medical Makati
+63 2 7793 8750
Property Management Office
+63 8888 4726
+63 917 589 6560+63 8478 5157
Property Management Office
+63 917 672 4050
+63 2 8860 9500
local 100 and 101+63 2 8860 9500
local 555 and 333