By Jenniffer
B. Austria | Posted on Jul. 11, 2013 at 12:01am | manilastandardtoday.com
Empire East
Land Holdings Inc. said Wednesday it remains in talks with the Okada group for
the residential component of the planned integrated casino and resort project
in Entertainment City in Parañaque.
Empire East
president Charlemagne Yu said in an interview following the annual
stockholders’ meeting the company was still interested in the residential
component of the project, despite the collapse in talks between Japanese
billionaire Kazuo Okada’s Tiger Resorts Leisure and Entertainment Inc. and
taipan John Gokongwei’s Robinsons Land Corp.
Yu said the
company was just verifying with Okada whether the casino project would proceed,
as earlier announced.
Yu said
Empire East was only interested in the residential component of the project and
not the casino. “There was a memorandum of agreement signed, in so far as
residential component of the project [is concerned]. Empire East will not enter
into casino operations. Right now, we are watching the developments happening,
on the casino side,” he said.
“We would
like to verify whether other parties [Okada group] are pushing through with the
casino, which is the main thrust of the partner. If the project will push
through, then we are in,” Yu said.
Empire East
signed a joint venture agreement with Okada group last year for the development
of a 12.95-hectare residential resort condominium project in Entertainment City
of state-run Philippine Amusement and Gaming Corp.
The
partnership involves the construction of more than 25 residential towers in
several phases with development cost estimated to reach P45 billion.
Empire East’s
joint venture agreement with Okada group was separate from the latter’s joint
venture with Robinsons Land Corp. that was recently terminated.
Okada group
was reportedly in talks with other potential partners for the casino project
after negotiations with Robinsons Land ended in May.
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