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Wednesday, July 19, 2006
Real estate firm asks HLURB 7 to reconsider
A REAL estate company, with main offices in Manila, is asking the Housing and Land Use Regulatory Board (HLURB) 7 to reconsider a cease and desist order (CDO) that prevented the private firm from selling units at a condominium complex in Lapu-Lapu City.
Pacific Concord Properties Inc. (PCPI), through counsel Medina and Partners Lawyers, said it has not taken over the development of the Kiener Hills Mactan Condominium and is “a mere buyer of the units retained by” E. Ganzon Inc. and EGI Properties Inc.
“As such, we respectfully submit that it is well within PCPI’s rights as owner of the said units to dispose of the same,” the firm said in a letter to HLURB 7 Director Antonio Decatoria Sr., dated July 11.
PCPI assistant vice president for operations Cherry Lim furnished Sun.Star Cebu a copy of the letter and supporting documents.
Cease, desist
HLURB 7 issued a CDO last June 7 against PCPI, ordering the private company “to cease and desist immediately from further selling the condominium units” of Kiener Hills Mactan Condominium project in Pusok, Lapu-Lapu City.
Decatoria had written to the lawyer of some complaining buyers of the condo units that HLURB 7 has not lifted its September 2002 order preventing the sale of Kiener Hills Mactan Condominium units.
PCPI said it purchase 41 units (15 from EGI and 26 from EGPI) from the condo project. It said it agreed to fund the completion of the condo project.
PCPI said under its business plan for the condo units, it will re-sell the properties to third parties.
Completion
“PCPI would be hard-pressed to sell its purchased units if the project remains incomplete. Thus, to ensure that certain vital components of the project will be completed by the developer, PCPI incorporated in the MOA (memorandum of agreement with EGI and EGPI) a provision…that part of the consideration (P4.5 million) is to be exclusively used by EGI in completing” the undertaking,” the letter read.
Although it entered into a MOA with EGI and EGPI, PCPI stressed that it “did not become the developer of the project nor a selling agent of EGI and/or EGPI.”
“PCPI is a mere investor, which purchased units with the end in view of reselling the same, in the process improving the project not only for its own benefit but also for those of other buyers,” the firm’s lawyers stated.
PCPI said it has already paid EGI a total of over P10.97 million for 15 condo units and P16.5 million to EGPI.
Unduly penalize
It said that with the issuance of the CDO, it is being “unduly penalized for ensuring that the money it invested be plowed back into the completion of the project.”
PCPI said the units it had acquired are “subsequent sales” and, as such, it (PCPI) is not required to secure a license to sell the properties.
In issuing the 2002 CDO, HLURB 7 noted that the developer failed to complete the project on time. (LAP)
For Bisaya stories from Cebu. Click here. (July 19, 2006 issue)
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