Hong Kong-listed Suncity Group Holdings Limited has provided an extra US$46 million (MOP367.2 million) deposit to the company responsible for the development of the Westside City Resorts project in Manila, Philippines.
The payment was provided by Suncity’s Philippines subsidiary Suntrust Home Developers, Inc to Westside City Resort World Inc., a subsidiary of Travellers International Hotel Group, Inc.
SunTrust signed a lease agreement with Westside City to use a site in Manila, where an integrated resort known as Westside City Resorts will be developed, with US$200 million to be paid for the use of the project site and reimbursement of the costs incurred for the project.
The project site is currently evaluated at US$340 million, with Suntrust to hold the land rights until August 19, 2039, which shall automatically be renewed for another 25 unless otherwise agreed upon by the lessor and the lessee.
A 5-Star hotel with at least 400 rooms, a casino with 400 gaming tables and 1,200 slot machines for both mass and VIP markets is being developed in the site by Philippines construction group Megaworld Corporation and by Resorts World Manila operator Travellers International Hotel Group.
According to Suncity’s most recent annual report, piling works are being conducted on the construction site and works are on-going for the architectural design for the integrated resort.
Development is expected to commence in the second quarter of 2020 after handover of the construction site, with the property expected to commence operations prior to 2023.