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SunCity purchase of Westside Resorts site to complete end March

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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