Suncity Group Holdings Ltd’s Philippines subsidiary, SunTrust Home Developers Inc, has been approved by the Securities and Exchange Commission of the Philippines to amend its primary and secondary purposes to focus on tourism-related business.
The amendment, which comes after Suncity Group acquired a majority 51% stake in the Philippines entity last year, relates to its participation in the Westside City Resorts World project in Manila’s Entertainment City where SunTrust is set to embark on a US$700 million hotel and casino development.
The project, to have a total gross floor area of 182,000 square meters, 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.
“Suncity is laying down a solid growth blueprint,” said Suncity Chairman Alvin Chau.
“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, and in Russia, Tigre de Cristal’s Phase 1 upgrade will be up-and-running later in 2020.
“Now, SunTrust is finally a listed tourism and integrated resort company in the Philippines – very exciting times ahead for Suncity indeed.”