Suncity Group’s Philippines subsidiary, SunTrust Home Developers Inc, has entered into a supplemental agreement with Westside City Resorts World Inc that will see it pay a third deposit of US$66 million for use of the site upon which it plans to build a hotel and casino in Manila’s Entertainment City.
The deposit, coming on top of an initial US$20 million deposit paid in January and a second US$46 million deposit in June, takes the total amount paid for use of the site to US$132 million. It will also see the period in which SunTrust can raise all funding for the development from 30 September 2020 to 31 December 2020, Suncity said in a Hong Kong Stock Exchange announcement. The latest deposit will be paid by 31 July 2020.
Suncity holds a 51% stake in Suntrust via another of its subsidiaries, Fortune Noble.
SunTrust’s hotel and casino development will form a key part of Westside City Resorts World – a sprawling, multi-billion dollar leisure and entertainment township being developed on 31 hectares by Philippines construction giant Megaworld Corporation and Resorts World Manila operator Travellers International Hotel Group.
Suncity’s hotel and casino development is set to cost US$700 million and cover an area of around 44,000 square meters, with a building floor area of 182,000 square meters.
The project will include 400 gaming tables and 1,200 slot machines across both VIP and mass gaming, plus 400 five-star hotel rooms and 960 parking spaces, and is due to open in 4Q22. The Westside City Resorts World township will also offer additional facilities such as a Grand Theatre, shopping malls and 2,000 parking spaces.