A Subsidiary of property giant Megaworld Corp. is still keen on building residential condominiums within Kazuo Okada’s casino complex in Entertainment City. But the deal remains in “limbo” as the Japanese billionaire remains locked in legal battles across the globe.
The joint venture agreement between Megaworld’s Empire East Land Holdings Inc. and the Okada Group, signed July last year, would have allowed the former to build as many as 25 residential towers valued at P45 billion.
“The agreement is [still] in effect, but it’s in limbo,” said Kingson Sian, executive director at Megaworld and president of the group’s holding firm Alliance Global Group Inc.
He noted that Okada’s group still needed to resolve its issues before their discussions could move forward. But Sian told reporters that the viability of the project has not changed. He also said that the agreement with Okada has no deadline.
“If they resolve their problems, why not,” said Sian in response to queries about the company’s continued interest. “Empire East is a property company, and it’s a good site.”
Empire East’s area would have covered 30 percent of Okada’s $2 billion, 44-hectare casino and hotel project, dubbed Manila Bay Resorts.
The project was supposed to be completed by the end of 2014. But plans remain uncertain after talks with a potential local partner, the Gokongwei Group’s Robinsons Land Corp., fell through last May.
That development also brought to the fore the thorny issue on foreign ownership of land, which would have been solved under a deal with the Gokongweis since they agreed to acquire Okada’s company that owns the property.
Robinsons Land, a leading property developer, said talks were terminated “upon mutual agreement.”