Century Properties Group, Inc. said it has secured an order from the Makati Regional Trial Court (RTC) prohibiting companies associated with Japanese casino operator Kazuo Okada from dealing with any other party for the development of a joint commercial and residential project in Parañaque City.
In a disclosure on Tuesday, the company said the July 25 court ruling also barred the Okada Group from giving effect to its unilateral termination of a 2013 agreement with Century.
It also prohibited the Japanese conglomerate from “committing any acts that will render the agreements or any portion thereof unenforceable or ineffective.”
The decision granted a motion for reconsideration filed by Century on May 30, after the trial court rejected an earlier petition questioning the irregularities in agreement deals with the Okada Group, referring to companies Eagle I Landholdings, Inc.; Eagle II Holding Company, Inc.; and Brontia Ltd.
The legal dispute started on March 31 when Century challenged the validity of the termination of an October 2013 deal for a casino-related project slated for construction at the government-owned Bagong Nayong Pilipino Entertainment City in Parañaque City.
Century initiated that day a petition (Civil Case No. 14-359) seeking interim measures of protection — referring to a writ of a preliminary injunction, writ of preliminary mandatory injunction, writ of preliminary attachment/garnishment and ex-parte 20-day temporary order of protection, against the Okada group.
The petition, however, was denied on May 13. It then prompted Century to file a motion for reconsideration.
Century had signed a deal with Eagle I, a Philippine affiliate of Mr. Okada’s Universal Entertainment Corp., for the development of five hectares of land within the 44-hectare site called Manila Bay Resorts.
Century also signed an investment agreement whereby the Filipino company would be issued with 432 million preferred shares or 36% of Eagle I’s capital stock.
The deals came with exclusivity rights for Century to build luxury and residential properties on the five-hectare land.
Century said it had received from the Okada Group a notice of termination on March 26, with the Japanese side contending that the agreement was “premature, unfounded, and lacks legal and contractual basis.”
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