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Thursday, August 03, 2006
HLURB lifts halt orders vs. EGI, real estate co.
The Housing and Land Use Regulatory Board (HLURB) 7 has lifted the cease and desist orders (CDOs) against the developer and the real estate firm that has invested in a condominium project in Barangay Pusok, Lapu-Lapu City.
HLURB 7 Officer Antonio Decatoria Sr. issued two separate orders last July 31 lifting the CDOs that had prevented E. Ganzon Inc. (EGI) and Pacific Concord Properties Inc. (PCPI) from marketing and selling condominium units at Kiener Hills Mactan Condomi-nium project.
Decatoria has “lifted and set aside” an HLURB 7 CDO, dated Sept. 6, 2002, which prevented EGI from marketing and selling condo units at Kiener Hills Mactan and prohibited the same firm from collecting amortization payments from buyers.
“Considering that an extension of time to complete the development of the subject condominium project was already granted to EGI, and considering further that the completion of the project is of paramount importance to the board (HLURB) and the interest of the buyers, this board deems it expedient to lift the aforecited order,” Decatoria’s order read.
Moot, academic
As a result of the lifting of the CDO against EGI, Decatoria’s order stated that the CDO against Metro Manila-based PCPI has become “moot and academic.”
“The board (HLURB) is left with no other recourse but to lift the order against PCPI,” the order stated.
The CDO against PCPI was issued last June 7, following a complaint that despite a cease and desist order against EGI, Pacific Concord had been marketing the same property.
PCPI, in a letter to HLURB 7 last month, said it is not the developer of the condo project, but its investor.
PCPI had put in P28 million to allow EGI to complete the project, in exchange for a number of condominium units.
PCPI said in a statement to Sun.Star Cebu that its memorandum of agreement with EGI contained a provision that P4.5 million of the former firm’s investment will be “exclusively used” to complete the condominium project.
HLURB 7 had issued a CDO against EGI in 2002 after it found that the developer had been unable to complete the project on time. The condo project had been hounded with funding problems. (LAP)
For Bisaya stories from Cebu. Click here. (August 3, 2006 issue)
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