Appeals court upheld termination
Last month Century Properties Group filed a notice with the Hong Kong International Arbitration Center seeking help to resolve a legal dispute “in its investment agreement executed between CPGI and Okada.”
According to Asia Gaming Brief, the Philippine company had previously partnered with Okada’s Tiger Resorts to develop a $2 billion resort in Manila’s Entertainment City. The deal fell apart when another local investor withdrew. Tiger Resorts is now seeking a new local partner to comply with Philippine rules restricting the ownership of land by foreigners.
“CPGI’s counsels are now studying the legal options the company will take,” the company added in a filing with the Philippine Stock Exchange, in reaction to a Court of Appeals ruling that OK’s Okada’s bid to terminate the partnership.
CalvinAyre.com reports that the partnership was first established in October 2013. The two parties planned to develop a 5-hectare (12-acre) luxury commercial-residential property within the Entertainment City complex. In March 2014, the Okada Group ended the agreement. CPGI called the termination “premature, unfounded and (lacking) legal and contractual basis.”
Manila Bay Resorts is expected to open by the third quarter of 2015.
