MANILA, Philippines – Century Properties Group Inc has struck a deal with Japanese pachinko billionaire Kazuo Okada’s group to develop land within the government-owned gaming hub in Manila.
In a disclosure on Thursday, October 31, the Antonio-led firm said it has signed a memorandum of agreement with Eagle I Landholdings Inc, the Philippine unit of Okada’s Universal Entertainment Corporation. This includes Century Properties developing a 5-hectare, residential-retail complex at the 44-hectare Manila Bay Resorts, part of Pagcor’s Entertainment City Project.
A total of 300,000 sqm of gross floor area will be covered upon project completion.
The luxury property developer’s venture with the Japanese casino mogul comes at a crucial time. Okada is being investigated over allegations his firm bribed Philippine Amusement and Gaming Corporation (Pagcor) officials to win concessions in the casino project.
Okada’s Universal Entertainment is one of the 4 business groups granted the franchise to operate multi-billion casino-entertainment complexes in Entertainment City.
Earlier Gokongwei’s real estate arm, Robinsons Land Corporation, had dropped negotiations over a proposed development within the gaming site.
Century Properties has also inked an investment agreement with Eagle I “whereby Century will be issued with 432,000,000 preferred shares, representing 36% of Eagle I’s pro forma capital stock,” it said in the disclosure.
The closing of the memorandum of agreement shall take effect once legal and regulatory requirements are satisfied. Century Properties will not be involved “in any aspect of the gaming operations.”
Century Properties has 28 years of experience in the Philippine real estate industry.
Its portfolio includes 21 completed condominium buildings (5,560 units) with a total gross floor area of 669,857, and is currently managing 50 properties. Its brands include Gramercy Residences in Makati and Azure Urban Resort Residences in Paranaque City.
It has developed upscale properties including Essensa East Forbes at the Bonifacio Global City. It has brought international brands by partnering with Hollywood celebrity Paris Hilton for the design of a beach club, the Donald Trump group for Trump Tower and Versace for the interior design of Milano Residences. – Rappler.com