Hong Kong-listed Suncity Group Holdings Limited has agreed to provide a third US$66 million (MOP526.9 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.
So far Suncity provided a total of US$132 million for use of the site, with the three deposits carried out this year. The group also agree to extend the period for fundraising for the development from September 30 to December 31.
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.