Suncity Group Holdings on Friday announced that it has entered into a Technical Services Agreement with the developer of the integrated resort in the Quang Ninh Province in Vietnam.
Friday’s announcement follows an MOU which was signed in February between the Management Van Don Subsidiary and the project company, which includes the provision of pre-opening services for the project.
The services fee that is to be paid to Management Van Don Subsidiary includes a sum of US$250,000 to be paid in advance within 15 days of from the signing of the Technical Services Agreement, a sum of $250,000 to be paid 15 days after the project owner receives all the payment documents after 6 months from the Effective Date (April 1, 2017), and $41,667 to be paid monthly if services are required to be performed beyond the term.
SunCity said “the entering into of the Technical Services Agreement represents the first step of the Group to provide consultancy, advisory and technical services for large scale resorts with gaming and entertainment facilities,” adding that it will continue to expand its business scope in order to maximize returns for its shareholders.
The opening date of the IR project is set for March 31, 2019.
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