Century Properties Group Inc., the real estate arm of special envoy to the US Jose Antonio, said it will continue to fight the government’s plan to expropriate its huge property in Quezon City which will be used as a train depot of Metro Rail Transit Line 7.
CPG said in a disclosure to the stock exchange its board of directors approved the filing of all court pleadings to exercise its rights on the property and uphold the rights of stakeholders and shareholders.
CPG, through wholly-owned unit Century Communities Corp., owns the property located in Barangay Greater Lagro, Quezon City.
The property firm said it still owns the Lagro lot until the government undertook the necessary procedures for expropriation.
CPG said the amount offered by DOTr to the court was way below what was required by law.
“CCC did not offer to sell the property to DOTr and had rejected DOTr’s offer of P3,600 per square meter, as this is grossly inadequate compared to the actual market value of the properties,” it said.
CPG said it hired Divina Law to be the legal counsel of CCC for expropriation case.
The DOTr last week said MRT 7 was on track for the partial opening in 2021 after it obtained favorable writs of possession from Quezon City Regional Trial Court Branch 92 and 98.
A writ of possession is a writ of execution employed to enforce a judgment to recover the possession of land. It commands the sheriff to enter the land and give its possession to the party entitled under the judgment.
The P69.3-billion MRT 7 project, which will have 14 stations, is being built by SMC Mass Rail Transit 7 Inc. under SMC’s infrastructure subsidiary San Miguel Holdings Inc.
San Miguel tapped Hyundai Rotem and EEI consortium to build the railway which will have stations at North Ave., Quezon Memorial Circle, University Avenue, Tandang Sora, Don Antonio, Batasan, Manggahan, Doña Carmen, Regalado, Mindanao Avenue, Quirino, Sacred Heart, Tala and San Jose del Monte.
Once completed by 2021, the 22-kilometer rail line will reduce travel time between Quezon City and San Jose del Monte City from two to three hours to 35 minutes.