Suntrust borrows close to $148m for Westside City project
Suntrust Home Developers, part of the Westside City Project in the Philippines, announced it borrowed PHP7.3bn ($147.8m) from Fortune Noble Ltd, a wholly-owned subsidiary of Suncity Group Holdings. The loan will further increase the group’s influence and increase its stake in Suntrust from 51% to 74%.
Suntrust is developing Westside City Resorts World’s casino and hotel properties, part of an expansive leisure and entertainment township. The development is said to cost $700m and take up 44,000 square meters, including several hundred gaming tables, more than a thousand slot machines and hundreds of hotel rooms. It’s predicted to open in Q4 of 2022.
With the loan, Suntrust is able to pay the third deposit to Westside City worth $66m by July 31. Along with two previous deposits, $20m in January and $46m in June, it will bring the total sum to $132m. It also gives Suntrust more time to raise funding needed for the project by pushing the date back to December 31 from September 30.
Suncity Group is managed by Alvin Chau Cheok Wa and has investments in the Hoiana casino resort in Vietnam and the Tigre de Cristal casino in Russia.
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