SunTrust Home Developers Inc, the Philippines subsidiary of Hong Kong-listed Suncity Group, has entered into construction agreements with development giant Megawide Construction Corp to build its Manila casino and hotel.
The project, to form part of the new Westside City Resorts World township in Manila’s Entertainment City precinct, is slated to include 400 gaming tables and 1,200 slot machines, 400 five-star hotel rooms and 960 parking spaces covering 44,000 square meters.
According to a Friday release, Suncity and Megawide have entered into two separate agreements that will see the latter paid a total of HK$1 billion (US$130 million) for completion of certain works.
Under the first agreement, valued at HK$644.9 million, Megawide will undertake construction of the basement, podium and tower of the main hotel and casino, while the second agreement, worth HK$364.3 million, will see the company complete pile cap, excavation and lateral support work.
Suntrust will pay 25% of Construction Agreement I and 28% of Construction Agreement II by December, with the remainder payable pending the completion of various progress targets.
Suncity holds a 51% stake in SunTrust via its wholly-owned subsidiary Fortune Noble, with Philippines real estate firm Megaworld Corporation – not to be confused with Megawide – holding 43.5% and Aurora Securities the remaining 5.5%.
