Suncity Group signs construction contract for Manila integrated resort project

Hong Kong-listed Suncity Group Holdings Limited has signed a PHP6.2 billion (MOP1 billion/US$130.2 million) contract with Philippines construction group Megawide Construction Corporation for the main construction works of a future Westside City Resorts 5-Star hotel and casino at the Manila Bayshore Integrated City.

The agreement was signed through Suncity’s direct subsidiary in the country, Suntrust Home Developers, Inc., and is divided into two construction agreements, a PHP4 billion agreement for construction of the basement, podium and tower of the resort, and a PHP2.2 billion agreement for the construction work of pile cap, excavation and lateral support and additional pile cap area.

The first contract phase is set to be completed within 910 calendar days from the signing of the first agreement, with the second contract phase completed within 252 calendar days from signing the second agreement.

Construction works will take place in Lot 5 & 6, Jose W. Diokno Boulevard, Barangay Tambo, Paranaque City located within the 100-hectare Entertainment City, a projected integrated tourism estate and entertainment complex along Manila Bay.

SunTrust has a lease agreement with Westside City Resort World Inc., a subsidiary of Travellers International Hotel Group, Inc., for the use of the site where the Westside City Resorts World 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 5-Star hotel is expected to include at least 400 rooms, a casino with 400 gaming tables and 1,200 slot machines for both mass and VIP markets.