PROPERTY developer Century Properties Group has dropped its case against the group of Japanese tycoon Kazuo Okada over a soured property venture in Pagcor Entertainment City.
In a joint press statement on Thursday, CPG and the Okada group announced that a recent meeting had resulted in this issue being settled amicably.
“We recognize that the disagreement between our companies was a result of a misunderstanding of the issues, which were clarified in our meeting with Mr. Okada. We are now taking the appropriate legal steps to withdraw the case, as we focus our attention to more constructive matters. We wish the Okada group continued success in its projects,” CPG said.
“The Okada Group thanks Century Properties for the opportunity to clarify and put the issues to rest. We take this opportunity as a big step towards moving forward with the development of the project, which we deem will be Asia’s best integrated resort that Filipinos will be proud of,” said the group’s spokesperson Kenji Sugiyama.
In the last quarter of 2013, Century entered into an investment agreement with Okada’s Eagle I Landholdings Inc., Eagle II Holdco, Inc. and Brontia Ltd. for the development of a luxury residential and commercial project on a five-hectare property at the 44-hectare entertainment complex, Manila Bay Resorts.
Century pursued legal action against the Okada group in 2014, seeking to protect the interest of its stakeholders after the latter terminated the investment agreement for the project. The Makati Regional Trial Court in the same year issued an order that prevented Okada from terminating the agreement, which the appellate court had set aside in a March 2015 decision to review the prohibition.
The real estate company said that the reconciliation had transpired between the two firms “without conditions and that it wishes the Okada group well in the continuation of the Manila Bay Resorts project.”