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Okada Group teams up with Century Properties

Posted on November 01, 2013 10:33:24 PM [ BusinessWorld Online ]

LISTED Century Properties Group, Inc. has partnered with the Okada Group for a mixed-use project in Bagong Nayong Pilipino Entertainment City in ParaƱaque City, the local company said in a disclosure e-mailed to media on Friday.

"Century Properties...today announced that it has signed a memorandum of agreement with Eagle I Landholdings, Inc. (Eagle I), a Philippine affiliate of Universal Entertainment Ltd., to develop five hectares of land within the 44-hectare site called Manila Bay Resorts," the disclosure read.

Century said it will develop a luxury residential and retail project that will have 300,000 square meters of gross floor area.

Both companies also forged an investment agreement "whereby Century will be issued with 432 million preferred shares, representing 36% of Eagle I’s pro-forma capital stock."

The value of the project and investment in Eagle I was not immediately available.

In a telephone interview, Maria Theresa F. Yu, Century Properties vice-president for communications, said the agreement is purely for property development.

"We will not be involved in gaming," Ms. Yu said in a telephone interview on Friday.

According to Century Properties, both transactions "shall occur upon satisfaction of legal and regulatory requirements, and neither transaction contemplates Century being involved in any aspect of the gaming operations."

Eagle I owns the 44-ha land while Tiger Resort Leisure and Entertainment, Inc. -- another unit of Universal Entertainment of Japanese businessman Kazuo Okada -- is one of the four licensees at the Entertainment City.

Mr. Okada is being investigated by the US Federal Bureau of Investigation for bribery allegations in dealing with Philippine gaming authorities.

The deal comes after Gokongwei-led Robinsons Land Corp. and the Okada Group last May announced that they will no longer pursue real estate projects in the Manila Bay Resorts area. They did not disclose the reason. Robinsons Land had planned to develop a high-rise residential project and a retail center in the same 44-ha area.

Century Properties' net income grew by 6.57% to P1.06 billion in the first half from P944.5 million in the same six months last year.

Revenues climbed 7.09% to P5.29 billion from P4.94 billion while cost and expenses rose 4.11% to P3.80 billion from P3.65 billion.

Its shares gained nine centavos or 5.20% to P1.82 apiece on Thursday from P1.73 each on Wednesday. Financial markets were closed on Friday in observance of the All Saints' Day. -- Cliff Harvey C. Venzon    
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