Century Properties loses court protection in Okada deal

For those that had not seen this, you may wish to search the news on the web and see the past reports regarding this deal.  I wonder why Okada has been cancelling?  I wonder what they have learned about developers/builders?  So many questions.  I wonder if I can guess at answers?

Century Properties loses court protection in Okada deal

By Neil Jerome C. Morales (The Philippine Star)  | Updated May 20, 2014 - 12:00am

MANILA, Philippines - Century Properties Group Inc. of the Antonio family has lost court protection over Japanese gaming tycoon Kazuo Okada’s plan to terminate a luxury residential development deal in a $2-billion megacasino project along Manila Bay.
In a disclosure to the Philippine Stock Exchange, Century Properties said the Regional Trial Court of Makati “issued an order dated May 13 denying and dismissing the petition for interim measures of protection.”
“As of date, Century Properties is studying its legal options concerning their transaction with the Okada Group,” it added.
Early in April, the property firm secured a 20-day temporary order of protection that prevented the Okada Group from ending a partnership agreement. Century Properties bagged another favorable court order on April 23, which extended the court protection by 20 more days.
In March, Century Properties received a termination notice from Okada’s Eagle I Landholdings Inc., Eagle II Holdco Inc. and Brontia Ltd.
“The notice of termination of the investment agreement issued by the Okada Group is premature and unfounded as it lacks legal and contractual bases,” the company earlier said.
In October, Century Properties signed a memorandum of agreement with Eagle 1 Landholdings to develop five hectares of land within the 44-hectare site called Manila Bay Resorts.
The investment deal gave Century Properties the right to secure 36 percent of Eagle 1, the affiliate of Okada’s Universal Entertainment Corp., which is listed in the Tokyo Stock Exchange. But First Paramount Holdings 888 Inc., another party to the transaction, backed out of the deal.
On the five-hectare site, Century Properties had planned to develop luxury residential and retail properties that will total over 300,000 square meters of gross floor area.
The real estate firm had said it was ready to proceed with the deal as it already allotted $12 million for the development.
Tiger Resorts & Leisure Corp. of Universal Entertainment is the company behind the $2-billion integrated casino project.
In May last year, Tiger Resorts ended its partnership with Gokongwei-led Robinsons Land Corp. to jointly develop the hotel and casino complex.
Okada bagged one of four licenses to operate a casino complex in the 120-hectare Entertainment City, which is being groomed as the Philippines’ answer to gaming hubs in Singapore, Las Vegas and Macau.
Last year, port mogul Enrique Razon opened the $1.2-billion Solaire Casino & Resort while SM Group’s Belle Corp. and Macau casino giant Melco Crown Entertainment Ltd. will start commercial operations of the $1.3-billion City of Dreams Manila this year.

Intercom vs Concierge Desk telephone

Intercom vs Concierge Desk telephone

The intercom has been a problem for years and I do not expect it will ever be fixed.  Besides the noise on the line from time to time, when speaking the other person does not hear at times.  So here is the Concierge Desk telephone number which is a land line.

794-0638

Circular on Gym Rules

Circular on Gym Rules

We would agree that rules would be nice especially if created with input from the Unit Owners and then discussed and voted on once a final draft is approved at open Board meetings.  This circular lists rules many of which would seem appropriate but the problem is how they were created.  In the past we had such circulars, if memory serves, signed by assumed members of the Board of Directors.  This circular is signed by management employees.  There is no information as to when and where such rules were approved.

All rules & regulations since the illegal election and subsequent appointments during and after the 2011 Annual Meeting are easily challenged.  Given lack of events prior to this Annual Meeting, other rules, regulations and various Board decisions also come into serious question.  Promulgation of such rules, regulations and various other decisions may only take place with legally seated Directors.  The Soho Central Condominium Corporation Board of Directors currently has seats that are assumed given the history.

I would encourage all Unit Owners to consult your legal representatives and government agencies especially when confronted with punishments meted out by such a Board.

Century City: The Curtain

Century City:  The Curtain

Remember the last picture.  That was a good one, right?  That and other angles of it were good, too, real good.  But last time I was there I could not see the terraces.  In fact, I had a hard time finding the little lot since I had that picture in mind from the ads.

What was that in Presidential Decree 957:

"Section 19. Advertisements. Advertisements that may be made by the owner or developer through newspaper, radio, television, leaflets, circulars or any other form about the subdivision or the condominium or its operations or activities must reflect the real facts and must be presented in such manner that will not tend to mislead or deceive the public.

The owner or developer shall answerable and liable for the facilities, improvements, infrastructures or other forms of development represented or promised in brochures, advertisements and other sales propaganda disseminated by the owner or developer or his agents and the same shall form part of the sales warranties enforceable against said owner or developer, jointly and severally. Failure to comply with these warranties shall also be punishable in accordance with the penalties provided for in this Decree."

 

(Click for a .pdf of the above article.)

New Pool area handrail

New Pool area handrail

Who paid for this?  Why was this not installed by the developer/builder, Meridien/Century Properties, when the building was being built?  More money being used when this should have been done long ago.

Meridien has an assumed seat on the Board and needs to be asked about this at the Annual Meeting on the last Friday in August.

Troughs Outside Gym

Troughs Outside Gym

Finally the troughs outside the gym windows have been cleaned from what I saw.  How long did this take?  After past comments on it, nothing was done.  Now I looked once again and they seem as though they were cleaned.  The one was not too clean but better than the last time.  It took this long, why?  I guess someone finally understood that it was a potential breeding pond when wet.  So if regular cleaning works, what will happen to the bug killing machines?

Open meetings and an elected Board will assist to improve the deteriorating conditions in the building.  All Unit Owners need to plan on attending the Annual Meeting on the last Friday in August.  If they illegally delay the meeting by an announcement once again, those in attendance will conduct a meeting as allowed by law.

Service Elevator Car Spotted on 41st Floor

Service Elevator Car Spotted on 41st Floor

This is what we paid for?  When will the elevators ever all be working and safe?

These photos give a much cleaner look than is the reality when there.  The 41st floor elevator lobby area gets dirtier and dirtier.  What is going on with the managing of the building?  Unit Owners need an election with Unit Owners being elected then having open meetings properly held and open records in compliance with the Corporation Code.