Century Properties Group Tries to Save Entertainment City Development Deal
Century Properties Group (CPG) has asked a local court to prevent the group of Japanese gaming magnate Kazuo Okada from ending their agreement to develop a $2 billion casino resort in Entertainment City.
CPG has filed an interim measure of protection against the Okada Group at the Makati Regional Trial Court. The measures include a writ of preliminary injunction, writ of preliminary mandatory injunction and writ of preliminary attachment/garnishment, and ex parte 20-day temporary order of protection.
In a disclosure to the Philippine Stock Exchange CPG wrote, “The filing of the aforesaid case does not pose any material or adverse effect on the business of the company as the subject petition involves a future/prospective project.”
CPG recently received a notice from the local units of the Okada Group terminating their investment agreement which was signed in October last year. The agreement would have given CPG stakes in a 30-hectre property in Entertainment City where the $2 billion Manila Bay Resorts Casino was set to be built. CPG was due to develop a 5-hectre luxury residential and commercial project in the complex.
CPG has said that the termination of the agreement was “unfounded and disregards the letter and spirit of the investment agreement.”