COA warns HGC against entering into new agreements with two housing developers

The Commission on Audit, in its 2018 HGC Annual Audit Report, warned that entering into new JVAs with the same developers will put the HGC at a “disadvantage” due to the previous accomplishment record of the two firms.However, in its reaction to COA’s allegedly “sweeping” audit observation, HGC management stressed that the new JVAs were “the outcome of a deliberate exercise of prudence and sound judgment” that its Board of Directors arrived at.

“The causes of delay interposed by Developers A and B to attain the targets in the development, completion, and marketing of the Projects with recoverable amount of P2.665 billion and P556.142 million, respectively, were contrary to Article III and Article II of the old JVAs of Developers A and B respectively, hence there is a breach of contract,” COA said.

The audit agency also noted that the transfer certificate of title of HGC properties covered by the JVAs were neither registered under the name of the state-run firm nor bear the annotation of the JVAs. State auditors said HGC had enough grounds to terminate the JVAs because both developers have failed to complete the development of the housing projects “within the specified time period.

The presence of informal settlers in the areas that were covered by the housing project development also slowed down the completion of the projects, it was gathered.

Source: Real Estate Daily Report (realestatedailyreport.net)

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