This means that Pacific Concord Properties Inc. can now continue to market Keiner Hills Mactan Condominium, which is being developed by E. Guanzon Inc. (EGI).
HLURB regional director Antonio Decatoria Sr. ruled upon the written request of EGI to lift the cease and desist order imposed on September 6, 2002 preventing PCPI from further selling and collecting amortization payments from existing buyers for its failure to complete the project on time and selling units without permission by the board.
PCPI, with main offices in Manila, had explained to HLURB that it has not taken over the development of Kiener Hills Mactan Condominium and that is a mere buyer of the units that are developed and retained by EGI Properties Inc.
On its July 31 decision, HLURB found the request meritorious "considering that the extension of time to complete the development of the subject condominium project was already granted to EGI."
"And considering further that the completion of the project is of paramount importance to the Board and the interest of the buyers, this Board deems it expedient to lift the aforecited order," the HLURB decision said.
EGI's request for the lifting of cease and desist order was based upon the introduction, investments and cash infusions already amounting to P28 million made by PCPI when it purchased condominium units in the development and the further guarantee to provide funding for the completion of the condominium project to ensure that certain vital components will be completed by the developer.
A memorandum of agreement between EGI, EGPI and PCPI has a provision that part of the consideration is P4.5 million that is to be exclusively used by EGI in completing the project.
PCPI clarified that although it entered into a MOA with EGI and EGPI, it did not become the developer of the project or the selling agent of EGI or EGPI.
It claimed that it is just a mere investor, which purchased units at Kiener Hills "with the end view of reselling it, in the process improving the project not only for its own benefit but also for those of other buyers." - Wenna A. Berondo