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.