Suncity Group said its Philippine unit has received permission from the Philippine Stock Exchange to amend its primary and secondary purposes to focus on tourism-related activities.
Suntrust Home Developers, which is 51-percent owned by Suncity and is developing the Westside City Project, is now designated as a tourism and integrated resort operator.
The approval by the SEC officially recognises SunTrust to be a tourism-related business company, a milestone for SunTrust to become a listed tourism and integrated resort operator through taking part in the Westside City Project, Suncity said in a release. .
The main casino hotel of the Westside City Project will have a total gross floor area of at least 182,000 sqm, and is expected to be in operations in Q4 2022. It will consist of approximately 400 gaming tables, approximately 1,200 slot machines, 400 five-star hotel rooms, 960 car park spaces, pool club & leisure club etc.
The final product will be integrated with the shopping malls, theatres, restaurants, and shopping streets, etc. to be built by Westside City Resorts World Inc., which also includes 2,000 additional hotel rooms, a shopping mall, a Grand Opera House, restaurants and theatre district, and an additional of approximately 2,000 car park spaces.
“Suncity is laying down a solid growth blueprint. I am very excited to see the Company achieving one milestone after another. Firstly, in Vietnam, HOIANA is ready to be unveiled to the public as early as summer 2020; then, in Russia, Tigre de Cristal’s Phase 1 upgrade will be up-and-running later in 2020; and now, SunTrust is finally a listed tourism and integrated resort company in the Philippines – very exciting times ahead for Suncity indeed,” said Suncity Chairman Chau Cheok Wa.