Kazuo Okada’s plans to build a US billion super-resort at Manila’s Entertainment City complex got a lift last week when a Philippine court denied a request by a former local partner to delay the Japanese tycoon’s decision to terminate their agreement to co-develop the site.
The Regional Trial Court in Makati City dismissed a petition filed by Century Properties Group for interim measures of protection against Eagle I Landholdings, the Philippine subsidiary of Okada’s Universal Entertainment that scrapped the partnership reputedly after a falling out over ownership rights to portions of the expansive residential and retail offering planned for the project, known as Manila Bay Resorts.
Eagle I claimed the decision by a third local partner, First Paramount Holdings 888, to withdraw from the venture, voided Century’s deal. Century disagrees and sued, obtaining a preliminary injunction last month barring Eagle I from negotiating with other prospective partners.
The partnerships are necessary for Eagle I to comply with a law limiting foreign ownership of Philippine land to 40 percent. Universal says work on Manila Bay Resorts is progressing without them, and the project will open on schedule in 2015.
