Suncity Group’s Philippines subsidiary, Suntrust Home Developers Inc, has announced revisions to agreements inked with Megawide Construction Corporation that suggest completion of the group’s Manila integrated resort could be delayed until early 2024.
According to details filed with the Philippine Securities Exchange on Thursday, Suntrust and Megawide have agreed to amend Letters of Award (LOA) issued in November 2020 and a Supplemental Agreement signed in December 2020, allowing more time for Megawide to complete its works.
The LOA grants two packages to Megawide for construction of Suntrust’s Westside City Resort hotel and casino project , with Package 1 comprising a Pile Cap, Excavation & ELS Direct Contract at a cost of Php2.27 billion. Package 2 is the main site contract and includes the basement substructure, superstructure and ABWF (Architectural Builders Works and Finishes) at a cost of Php4.02 billion.
The project was originally planned for completion in late 2023, but Suntrust said Thursday it had agreed to extend the completion date for Package 2 until “no later than March 31, 2024 in order to afford the parties some flexibility.”
The revised agreement will also see Suntrust advance a payment of Php700 million to Megawide, “being the Provisional Sum for the additional architectural, structural and civil works for Package 2.”
When complete, the hotel and casino will incorporate a 450-room hotel with a casino boasting 400 gaming tables and 1,200 slot machines.