MANILA, Philippines - Century Properties Group Inc. said it is open to mending its fractured relationship with Japanese gaming tycoon Kazuo Okada, kindling new hope for a possible reunion between the two for the $2-billion Manila Bay Resorts project in Parañaque City.
The Okada Group in late March decided to cut ties with the property firm of former ambassador Jose Antonio, abruptly putting an end to their partnership agreement which would have paved the way for Century Properties to develop luxury residential and retail properties at the mega-casino project.
It appears Century Properties is willing to fix the broken relationship and settle the court case with the group of the Japanese billionaire.
“The plan is for us to discuss upon ourselves out of court and then take it from there. On our side, if it will be the same terms, we’re amenable to that, but there is no formal agreement or anything yet so we are still not definite if it’s a go or no,” Century Properties director for investor relations Kristina I. Garcia said.
Garcia was referring to the terms under the agreement which Century Properties entered into in October 2013 with the Okada Group.
Under the deal, Century Properties will develop residential and commercial projects in a five-hectare land within the 44-hectare Manila Bay Resorts development.
In addition, the property firm was also supposed to acquire for $12 million a 36 percent interest in Eagle I Landholdings Inc., an affiliate of Okada’s Universal Entertainment Corp. which owns the land where the integrated casino resort will rise.
“As long as there will be no changes in the terms, there’s nothing that will be changed from what has been agreed upon, then we’re willing. The ruling is for us to agree to sit down and talk about it,” Garcia said.
The Makati Regional Trial Court in July granted Century Properties was granted a temporary court protection preventing Okada from terminating the partnership deal.
Century Properties received in March this year a termination notice from Eagle I Landholdings Inc., Eagle II Holdco Inc. and Brontia Ltd.—companies under the Okada Group—after another company involved in the Manila Bay Resorts project called First Paramount Holdings 888 Inc. backed out of the deal.
In its defense, 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 agreement to be finalized.
Okada, who has long been in search for a local partner to comply with the land ownership requirement in the Philippines, is one of four licensees to operate a casino complex in the 120-hectare Entertainment City, a project envisioned to become the Philippine counterpart to gaming hubs in Singapore, Las Vegas and Macau.
Tiger Resorts & Leisure Corp., the Philippine unit of Okada, earlier said it is on track to open the Manila Bay Resorts project by the third quarter of next year despite the ongoing dispute with Century Properties.
“What they are doing is the casino but we’re not part of the casino. As for our part, we haven’t done anything yet. We haven’t invested anything on that side. We haven’t even paid for the 36 percent,” Garcia said.