The Supreme Court has upheld tycoon Henry Sy Jr.’s ownership and right to develop the 19,274-square-meter lot of the CBP-1 Island A in the Manila-Cavite Road Reclamation Project into a commercial, residential and recreational complex.
THE Supreme Court has upheld tycoon Henry Sy Jr.’s ownership and right to develop the 19,274-square-meter lot of the Central Business Park -1 Island A in the Manila-Cavite Road Reclamation Project into a commercial, residential and recreational complex.
The agreement has PNCC affirming Shoemart’s acquisition of the right to jointly exercise PNCC’s preferred option to develop CBP-1 Island, since Sy’s company made the highest bid of P250 million representing 70-percent equity interest in the joint venture with PNCC. On August 9, 1994, the PEA and Shoemart forged an agreement to develop Central Business Park, which requires PEA to undertake relocation of the squatters occupying the area, with Shoemart’s assistance.On June 29, 1995, Shoemart agreed to advance P85,000,000.00 within 90 days from February 23, 1995, to relocate the squatters at CBP-1 Island A.
The PEA sought COA’s opinion on whether the land value should be appraised on the date of the drawdown or at present. In upholding CA’s ruling, the SC denied PEA’s claim that there was grave abuse of discretion on CA’s part in dismissing its appeal and motion for reconsideration.
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