The Okada Group, developer of the $2-million Manila Bay Resorts led by Japanese billionaire Kazuo Okada, has been ordered by the Makati Regional Trial Court to freeze the proceedings of its termination of a deal with Century Properties Group Inc.
In a statement emailed to the media on Tuesday, Century Properties — a local property firm led by former Executive Chairman of the Board Jose EB Antonio — said the Makati court prohibited the Okada Group from pushing ahead with the termination of the deal between Century and an indirect Okada unit, Eagle I Landholdings Inc.
It may be recalled that the Okada Group terminated the tripartite deal with Century Properties and its unit First Paramount Holdings 888 to develop the Manila Bay Resorts, an integrated resorts project, after Century pulled out First Paramount from the deal.
Other than freezing the termination of the deal, the Makati court ordered the Okada Group to prohibit dealing with other companies to develop the integrated resorts project and to sell shares in Eagle I to other parties.
Century Properties has long reserved its right in the project investment, constantly seeking court protection from the Okada Group to pursue the Manila Bay Resorts deal.
The deal would provide Century Properties and First Paramount 60 percent ownership in Eagle I, which holds the 44-hectare land where Manila Bay Resorts is to be located.
Eagle I is a subsidiary of Okada-led Tiger Resorts Leisure & Entertainment Inc., which is one of four licensees of the Philippine Amusement and Gaming Corp. (Pagcor) to develop the Entertainment City.
Before the deal, the Okada Group was in talks with prospective local partners to address the issue of foreign ownership in the country. The Gokongwei-led Robinsons Land Corp. and Andrew Tan-led Empire East Land Holdings were seen as potential partners, but the talks fell through.
Incorporated in 1975, Century Properties was initially named Northwest Holdings and Resources Corp. In 2011, the company changed its name and moved its primary business into real еstatе.
Source: Manila Times | July 29, 2014