Suncity Group’s subsidiary in the Philippines, Suntrust Home Developers Inc, has announced amendments to agreements signed with Megawide Construction Corporation, which suggest that the completion of the group’s integrated resort in Manila may be delayed until early 2024.
According to information provided to the Philippine Stock Exchange on Thursday, Suntrust and Megawide have agreed to amend the Award Certificates (LOA) issued in November 2020 and an Additional Agreement signed in December 2020, which will give Megawide more time to complete its work.
LOA is providing Megawide with two packages for the construction of the Suntrust Westside City Resort Hotel and casino project, with Package 1 including a direct contract for a pile roof, earthworks and ELS worth 2.27 billion pesos. Package 2 is the main contract for the construction site and includes the basement foundation, superstructure and ABWF (Construction Work and Finishing of Architectural Structures) worth 4.02 billion pesos.
The project was originally scheduled to be completed at the end of 2023, but on Thursday Suntrust said it had agreed to extend the deadline for the completion of package 2 to “no later than March 31, 2024 to provide the parties with some flexibility.”
According to the revised agreement, Suntrust will advance 700 million pesos to Megawide, “this is a preliminary amount for additional architectural, structural and construction work for Package 2.”
Upon completion, the hotel and casino will include a 450-room hotel with a casino with 400 gaming tables and 1,200 slot machines.
Source: Inside Asian Gaming