Vol. XXII, No. 151 [ BusinessWorld Online ]
Wednesday, March 4, 2009 | MANILA, PHILIPPINES
ANDREW TAN-led Megaworld Corp. yesterday denied charges that it had altered the design of Corinthian Hills Subdivision in Quezon City in violation of Housing and Land Use Regulatory Board (HLURB) rules.
In a statement, the property developer said it had "satisfactorily complied" with all the requirements for the site development plan as submitted to and approved by the regulator.
"Megaworld has not sold any lot in Corinthian Hills beyond what is allowed or approved under the license to sell issued to it by the HLURB," said John Hao, Megaworld investor relations officer.
In a 13-page complaint, First GCU Resources and Development Corp. earlier accused Megaworld of failing to build the facilities it had promised by selling the lots intended for these.
The company was a lot buyer at Corinthian Hills and is a member of the homeowners’ association. Megaworld said the complainant the complainant was indeed the owner of a lot, although not the original one.
The proper company, which had not formally received a copy of the complaint, insists it had fully complied with the rule limiting properties to be sold to no more than 70% of the gross lot area of a one-hectare medium-cost subdivision.
"No license to sell would have been issued to us had we done otherwise," it pointed out.
Megaworld further noted that it had presented the clubhouse plan to lot owners before its construction started five years ago.
"An overwhelming majority, or about 85%, welcomed and approved the plan," it said. "With such clear mandate, we thus proceeded to build the clubhouse complex in its present form and location," it added.
Megaworld also said the clubhouse is a modern leisure and commercial hub that hosts recreational amenities such as a swimming pool, gymnasium and function room, along with a 92-slot basement park and several retail shops.
It said Corinthian Hills a much sought after and envied community thanks largely to the clubhouse. It added that residents had benefited from the continued rise in property prices in the neighborhood.
"Megaworld has satisfactorily complied with all the requirements of the site development plan and license to sell as approved by the HLURB for its Corinthian Hills project, which it has designed and developed with the cooperation and consent of the lot owners," it said.
"The huge success of the project’s commercial and leisure component, the clubhouse, has made the community project a feather in the cap of Megaworld," it added. — Kristine Jane R. Liu
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