PH’s Century Properties drops civil case against Japan’s Okada Group

Visual from the company website

Philippine-listed real estate company Century Properties Group Inc has dropped its civil case against the Okada Group of Japanese tycoon Kazuo Okada.

Century Properties informed the stock exchange on Thursday that it is withdrawing its case against the group following a recent meeting that settled the issues amicably between the two firms.

The case stemmed from a decision by the Okada Group in 2014 when it terminated the investment agreement with Century Properties for the development of a luxury residential and commercial project on a five-hectare property at the 44-hectare entertainment complex, in Manila Bay Resorts.

The investment agreement was made in the last quarter of 2013 between Century Properties and Okada’s Eagle I Landholdings Inc, Eagle II Holdco Inc, and Brontia Ltd.

Shortly after Century Properties filed its civil case against Okada Group in 2014, the Makati Regional Trial Court issued an order that prevented the Japanese group from terminating the agreement, which the appellate court had set aside in a March 2015 decision to review the prohibition.

“We recognize that the disagreement between our companies was a result of a misunderstanding of the issues, which were clarified in our meeting with Mr Okada. We are now taking the appropriate legal steps to withdraw the case, as we focus our attention to more constructive matters,” Century Properties said.

Kenji Sugiyama of the Okada Group said: “The Okada Group thanks Century Properties for the opportunity to clarify and put the issues to rest. We take this opportunity as a big step towards moving forward with the development of the project, which we deem will be Asia’s best integrated resort that Filipinos will be proud of.”

The real estate company noted that the reconciliation with Okada Group transpired “without conditions” and that it wishes the group well in the continuation of the Manila Bay Resorts project.

Century Properties last trading price went down by 1.11 per cent or P0.0100 to close at P0.89.

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

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  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.