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Monday, September 05, 2016

HLURB SUSPENDS SALE OF MANILA CONDOMINIUM UNITS

HLURB SUSPENDS SALE OF MANILA CONDOMINIUM UNITS
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The Housing and Land Use Regulatory Board HLURB has suspended the license to sell of the developers of  a condo building in Manila due to ownership issues raised by another real estate firm.
HLURB Arbiter Raymundo Foronda issued a 5-page decision temporarily barring Central Realty and Development Corporation and Federal Land Inc. from selling units of Four Seasons Riviera Condominiums pending the resolution of a civil case filed in the Manila RTC by Solar Resources Inc.

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Solar Resources sought the help of the HLURB after accusing Central Realty of getting its license to sell "nder the false claim" that it was the lawful owner of the property which the late  Dolores Molina purchased from the Central Realty in 1993.The records are showing that Solar Resources Bought the Land from Molina in December 2013 for Php124Million.When she died,the realty firm substituted her as a plaintiff in the civil case she has filed against Central Realty and Federal Land.
Molina bought the propertyfrom Central Realty in September 1993 but opted to let the land title remainunder the name of the real estate firm  as they promised to settle the huge taxes it owed in the government,just to find out later that the Central Realty mortgaged the land for Php257Million and agreed to  a joint venture with Federal Land to develop a residential building on the property.The two real estate developers dismissed the accusations,pointing out that the NBI and the LRA had declared the documents presented by  Molina  to support the ownership claims as spurious .
However ,Foronda said that the right of Solar Resources cannot be simply ignored or disregarded.
“With the continued annotation of adverse claim on (the land title)… it cannot be said that the land… is free from all liens and encumbrances (under the law),” Foronda said.

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The sale of condominium units in Torre de Manila or the "National Photobomber" as dubbed by the netizens, has been suspendended last year by the HLURB.Details on the video below: