MANDALUYONG | EGI Skycity Tower
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Following up on this article...:?
Homeowners Lose Suit Vs Skyscraper Project
Business World 9/29/05
The developer of the 77-storey Skycity project at the corner of EDSA and Ortigas Avenue has scored a victory over a homeowners’ association protesting construction of the country’s tallest building. In a resolution promulgated last September 14, the Court of Appeals said it threw out the Greenhills East Association’s bid to prevent Skycity’s proponents from proceeding with the project, citing no new arguments were presented. Greenhills East’s only recourse is to elevate the matter to the Supreme
Court. Work on the Skycity will resume if no Supreme Court appeal is filed within 60 days. This project has already been delayed for 10 years. The company has already lost around P500 million over the 10-year delay in construction. The proponents of the project hope to be able to reactivate funding sources for the project, originally set to be built via supplier’s credit and the Bank of China. A joint venture between E. Ganzon and Sam Buena Realty Corp., the owner of a 4,119-square meter property, Skycity was envisioned to be the country’s tallest building at a
height of 335 meters. The project, located on the corner of EDSA and Ortigas Avenue and beside the Philippine Overseas Employment Administration, will have 210,000 square meters of leasable space, inclusive of a 25-storey five-star hotel. It will also have an eight-level basement and a top floor with a view of over 100 kilometers.
Its been over 60 days since that article was published. So did the NIMBYs file in the Supreme Court or is E. Ganzon Inc all set to build? Locals, please advise...
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Also below is another article regarding the possible IPO to help finance the project for reference...
Property developer E. Ganzon mulling listing
Source: BusinessWorld
Date : 10/21/2005 11:32 AM
Author : Jennee Grace U. Rubrico
Property developer E. Ganzon, Inc. is considering listing at the Philippine Stock Exchange once it resumes construction of its skyscraper project.
In an interview, President Eulalio Ganzon said the proceeds from the offering will be used to fund the construction of the 77-storey Skycity project. "That [initial public offering, IPO] is still the ultimate intention, once we prove that we have a sustaining regular income," he said.
The company earlier estimated the Skycity project will cost P5 billion to build. However, with the spiraling cost of construction, officials said, it could hit up to P7 billion.
The project will be a mixed-use development, with office space taking up 13 levels, the residential component taking up 15 floors, and a hotel taking up 27 floors.
The residential component of the building, Mr. Ganzon said, would allow the firm to get funds at need, since office spaces do not sell as quickly, and more often, generate revenues through lease payments.
Construction of the skyscraper has been put on hold due to a legal tussle between the developers and the Greenhills East homeowners association.
Mr. Ganzon said the IPO "is still the best option possible" in funding the construction of the 77-storey Skycity as loans are too costly.
He said the company is taking steps to increase awareness of retail investors about the firm.
Among others, Mr. Ganzon said, the company is starting a 170-room condominium hotel project in Cebu which will have a "unique" marketing concept.
Homeowners Lose Suit Vs Skyscraper Project
Business World 9/29/05
The developer of the 77-storey Skycity project at the corner of EDSA and Ortigas Avenue has scored a victory over a homeowners’ association protesting construction of the country’s tallest building. In a resolution promulgated last September 14, the Court of Appeals said it threw out the Greenhills East Association’s bid to prevent Skycity’s proponents from proceeding with the project, citing no new arguments were presented. Greenhills East’s only recourse is to elevate the matter to the Supreme
Court. Work on the Skycity will resume if no Supreme Court appeal is filed within 60 days. This project has already been delayed for 10 years. The company has already lost around P500 million over the 10-year delay in construction. The proponents of the project hope to be able to reactivate funding sources for the project, originally set to be built via supplier’s credit and the Bank of China. A joint venture between E. Ganzon and Sam Buena Realty Corp., the owner of a 4,119-square meter property, Skycity was envisioned to be the country’s tallest building at a
height of 335 meters. The project, located on the corner of EDSA and Ortigas Avenue and beside the Philippine Overseas Employment Administration, will have 210,000 square meters of leasable space, inclusive of a 25-storey five-star hotel. It will also have an eight-level basement and a top floor with a view of over 100 kilometers.
Its been over 60 days since that article was published. So did the NIMBYs file in the Supreme Court or is E. Ganzon Inc all set to build? Locals, please advise...
-----------------------------------------------------------------
Also below is another article regarding the possible IPO to help finance the project for reference...
Property developer E. Ganzon mulling listing
Source: BusinessWorld
Date : 10/21/2005 11:32 AM
Author : Jennee Grace U. Rubrico
Property developer E. Ganzon, Inc. is considering listing at the Philippine Stock Exchange once it resumes construction of its skyscraper project.
In an interview, President Eulalio Ganzon said the proceeds from the offering will be used to fund the construction of the 77-storey Skycity project. "That [initial public offering, IPO] is still the ultimate intention, once we prove that we have a sustaining regular income," he said.
The company earlier estimated the Skycity project will cost P5 billion to build. However, with the spiraling cost of construction, officials said, it could hit up to P7 billion.
The project will be a mixed-use development, with office space taking up 13 levels, the residential component taking up 15 floors, and a hotel taking up 27 floors.
The residential component of the building, Mr. Ganzon said, would allow the firm to get funds at need, since office spaces do not sell as quickly, and more often, generate revenues through lease payments.
Construction of the skyscraper has been put on hold due to a legal tussle between the developers and the Greenhills East homeowners association.
Mr. Ganzon said the IPO "is still the best option possible" in funding the construction of the 77-storey Skycity as loans are too costly.
He said the company is taking steps to increase awareness of retail investors about the firm.
Among others, Mr. Ganzon said, the company is starting a 170-room condominium hotel project in Cebu which will have a "unique" marketing concept.
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hope they presume construction soon
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Bat ganun? Was there any filing of an appeal?(((myx))) said:
I haven't heard of any appeal yet and it seems the 60 days have lapsed. So this is going to push through... and Im hopeful.
IMO, NAIA3 is more hopeless... but these 2 will be opened, maybe not in the near future.. but it will...
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rmb said:Bat ganun? Was there any filing of an appeal?
I haven't heard of any appeal yet and it seems the 60 days have lapsed. So this is going to push through... and Im hopeful.
IMO, NAIA3 is more hopeless... but these 2 will be opened, maybe not in the near future.. but it will...
when? after we die?
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i hope they build this super tall!!! it would really be disapointing if it does not materialize... hopefully they don't run out money half way through the project...i don't know...stocks don't seem to be too viable in funding this project... (well, from what i understand of the previously posted article, let me know if i am wrong) ...well knock on wood on that halfway dillema :cheers:
lawsuits take time. ipm pretty sure there was an appeal. to the homeowners it's very little effort and more delay , and the longer the delay the harder to resurrect the project. The papers will report this thing if someone points it out to them so if there is nothing new for egi or greenhills to talk about then I doubt if we will hear anything in the meantime.
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Is there a way to find out via public records or even locals calling E Ganzon Inc themselves? I went to the Supreme Court site and its a bit mind boggling. There must be a way to know whether an appeal has been filed or not instead of speculating. The silence is just deafining! Just browsing on some of the cases and some recent decisions are for cases that date back to as early as 1998. I may just be reading it wrong though but still, I find it disturbing that this could take another five to ten years.
You should be prepared that it could take a long time even if he wins the case. At this point egi has already said that they may need to raise money to finish the building. ANd we still don't know the exact status of the case! If they (the homeowners) sent an appeal it could take a number of years once again.
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But raising money is the "easy" part, especially with today's booming world economy. EGI does have the line of credit, there is the IPO option, and the pre-selling of residentials to help finance the project. And of course, the will power. As I said in the previous posts, if E. Ganzon Inc goes public to finance Skycity, I am so buying shares. So I encourage locals who have easier accessibility to teh Supreme Court (for all we know, all it takes is a visit) or a phone call to E Ganzon Inc to get some info on the status.
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