SUNTRUST Home Developers, Inc. signed an agreement to pay $46 million (about P2.31 billion) to its partner for its hotel casino project in Parañaque City by month’s end.
The company told the exchange Tuesday it had entered into its fourth supplemental agreement with Westside City Resorts World, Inc., its co-developer for the hotel casino, for the increased refundable deposit.
The deposit comes on top of the $20 million (about P1 billion) that Suntrust agreed to initially deposit to Westside in January. The added fund is payable on or before June 30.
Suntrust said the budget will form part of its payment for the hotel casino’s project site. If the co-development is not pushed through by Sept. 30, the deposit will be refunded by Westside to Suntrust.
Aside from the added deposit, the supplemental agreement also extended the period for Suntrust to raise not less than $300 million (about P15.03 billion) for the construction and development of the hotel casino.
The fundraising period was supposed to end on July 31, but is now extended until Sept. 30.
Suntrust and Westside are co-developing a hotel casino at the Manila Bayshore Integrated City as part of Megaworld Corp.’s Westside City. It is envisioned to have 400 hotel rooms, a casino establishment with 400 gaming tables and 1,200 slot machines, and a parking facility with 960 slots.
Suntrust is 51% owned by Fortune Noble Ltd., a wholly owned subsidiary of Hong Kong-based Suncity Group Holdings Ltd.
Shares in Suntrust at the stock exchange gained one centavo or 0.81% to P1.24 each on Tuesday. — Denise A. Valdez
