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 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.
Source: The Philippine Star | July 30, 2014