SunCity Group Holdings has revealed that its payment of $200 million to secure the project site for Westside City Resorts World will be completed around late March.
In October, Suncity acquired a controlling stake in a Philippines company called SunTrust Home Developers for the rights to build a five-star hotel with at least 400 rooms, a casino with 400 gaming tables, and 1,200 slot machines for both mass and VIP markets, and a 960 space parking lot.
Under its Co-Development Agreement with Westside Resorts, Suncity is required to pay a consideration of $200 million.
In its filing on Tuesday, Suncity said this will involve a refundable deposit of US$20 million, which will be paid on or before January 31, 2020.
The balance will be paid within 10 days on which the conditions precedent until the Co-Development Agreement are fulfilled.
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