Century Properties, Okada team up for Entertainment City project
MANILA, Philippines - The Antonio family's Century Properties Group is teaming up with the Philippine affiliate of Japanese billionaire Kazuo Okada's Universal Entertainment Corp. to develop luxury residential and retail properties at the Entertainment City.
In a disclosure to the stock exchange, Century Properties said it has signed a memorandum of agreement with the Eagle I Landholdings, Inc. to develop 5 hectares of land within a 44-hectare site to be called “Manila Bay Resorts”.
Eagle I owns the site for Universal's casino project in Philippine Amusement and Gaming Corp.'s (Pagcor) Entertainment City.
Century Properties will develop luxury residential and retail properties on the 5-hectare site. The project will cover over 300,000sqm of gross floor area upon completion.
However, Century Properties said it will not be involved in any aspect of the gaming operations of the Manila Bay Resorts.
Century also entered into an investment agreement with Eagle 1 whereby Century will be issued with 432,000,000 preferred shares, representing 36% of Eagle I's pro forma capital stock.
The closing of both deals will be subject to legal and regulatory requirements.
The deal between Okada's company and Century Properties comes after the Japanese tycoon and Gokongwei-led Robinsons Land Corp. failed to push through with its gaming partnership. Robinsons Land had been in talks to acquire a majority stake in unlisted Eagle with the aim of developing the commercial, hotel and residential parts of the complex.
Okada was embroiled in controversy when he was investigated in the US for allegedly violating Philippine anti-bribery laws in connection with his company's casino project.
Last month, Justice Secretary Leila de Lima said they found evidence that an Okada fim had bribed officials of the Pagcor to get the nod for the $2-billion resort casino at the Entertainment City.
Century Properties is one of the leading developers of upscale properties, such as Essensa East Forbes in Bonifacio Global City. It also teamed up with international brands such as Trump, Versace, Missoni Home, Yoo inspired by Starck and Forbes for its high-rise residential projects.