Monday 24 September
Powered by Ajaxy
Aug 16, 2017 @ 15:55

Prieto family to vacate Mile Long


Sunvar Realty Corp. of the Prieto and Rufino families said it would abide by the legal process and vacate the Mile Long property in Makati City.

The embattled company issued this statement following the order handed down by Makati Regional Trial Court Branch 141 to vacate the property within three days and to pay back the government rentals amounting to P478.2 million.

” Sunvar will comply and vacate Mile Long,” the company said.

The Prieto family, however, said it was appealing the order and hoping for a favorable decision.

“Some 35 years ago, Sunvar leased undeveloped land of the government upon the understanding, reflecting contracts annotated in the title of the land, that the lease period would expire in 2027. Sunvar paid P16.8 million as advance rentals and expended millions more to build roads, buildings and infrastructure to develop the property which is why it is so valuable now. Relying on the same contract and understanding, small business owners and taxpayers purchased condominium units in Mile Long that are now the source of their livelihood,” Sunvar said in a statement.

Sunvar insists the lease agreement entered into with the government 35 years ago was a legitimate commercial transaction.

” It has pursued legal remedies to resist ejectment firmly believing there is a binding contractual commitment on the part of the government to honor a lease that is set to expire only in 2027. Sunvar understands that the government has taken an opposite view.

Sunvar continues to have faith in the law and legal process,” the company said.

Tags: , , , , , ,

Related Stories
The government is set to sell the Mile Long property in the Makati financial district
MANILA -- Union Bank targets to have 14 fully digital bank branches nationwide by end-2018
Manuel Zamora-led Philippine Telegraph and Telephone Corp. has made an early exit from corporate rehabilitation


Trending News

Recommended on sister sites

Copyright © 2018 Bilyonaryo - Latest news on the richest Filipinos and Family Business.