MANILA, Philippines – Ayala Land Incorporated (ALI) lost control of a 6.8-hectare prime lot in Las Piñas City after the Supreme Court (SC) rejected its motion for reconsideration.
"The court resolves to deny [the motion for reconsideration] with finality," reads an SC resolution issued last December 4 and released just recently.
"The basic issues raised therein have been duly considered and passed upon by the Court in the aforesaid decision and no substantial argument having been adduced to warrant the reconsideration being sought."
Late last year, the SC voided ALI's right to ownership of the Las Piñas lot and declared petitioners Yu Hwa Ping and Mary Gaw, as well as the heirs of Andres Diaz and Josefa Mia, as the rightful owners of the property.
The lot, which houses the Southlinks Golf Club and materials depot, is located inside ALI's Ayala Southvale Village in Las Piñas City.
Ayala Corporation, ALI's parent firm, acquired the property from Goldenrod Incorporated and Pesala in 1988. ALI gained ownership of the land after its merger with Las Piñas Ventures Incorporated in 1992.
The SC reached its original decision last year based on surveys done to register the land nearly 90 years ago, which were found to be invalid.
In a disclosure to the Philippine Stock Exchange (PSE) on Tuesday, February 6, ALI acknowledged the SC ruling.
The property developer also reiterated its earlier stance that it "does not expect the ruling to have any material effect on [its] business, operations, and financial conditions given its total land bank of 9,852 hectares." – Rappler.com