Connect with us

Hi, what are you looking for?

Economy

Suntrust taps Megawide for hotel casino

SUNTRUST HOME Developers, Inc. is tapping Megawide Construction Corp. to build its hotel casino project in Parañaque City.

In a disclosure to the stock exchange on Monday, Suntrust said it awarded a P6.29-billion contract to the engineering and construction firm to build the first phase of the hotel casino.

Megawide, in a separate disclosure on Monday, said the contract involves excavation, building the basement substructure and superstructure, and architectural builders works and finishes, among others.

“The company will further update the Philippine Stock Exchange, Inc. once the definitive agreements have been executed by Suntrust and the company,” Megawide said.

Suntrust and its partner Westside City Resorts World, Inc. are co-developing a hotel casino at the Manila Bayshore Integrated City, which will be part of Megaworld Corp.’s Westside City.

The 31-hectare Westside City development is described in its website as a “casino-filled entertainment city” with 4,000 residential units, entertainment facilities and luxury mall and hotels.

The “Main Hotel Casino” of Suntrust, for which it tapped Megawide, 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 was previously in the business of real estate development, and started its focus in tourism with the entry of Hong Kong’s Suncity Group Holdings Ltd. as a majority investor last year. The company is now 51% owned by Fortune Noble Ltd., a wholly-owned subsidiary of Suncity Group. — Denise A. Valdez

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Get the daily email that makes reading the news actually enjoyable. Stay informed and entertained, for free.
Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!

Latest

Economy

By Luisa Maria Jacinta C. Jocson, Reporter FACTORY ACTIVITY in the Philippines expanded for a tenth month in a row in November, although jobs...

Economy

Passengers wait inside the Ninoy Aquino International Airport Terminal 3 in Pasay City, Oct. 29. The growth in remittances is expected to slow next...

Economy

By Revin Mikhael D. Ochave, Reporter THE JOINT Foreign Chambers of the Philippines (JFC) is now targeting to generate $128 billion in foreign direct...

Economy

LOCAL GOVERNMENT units (LGUs) should be given more time for the smooth transition of devolved functions from the National Government (NG) agencies, according to...

Economy

IN separate advisories, the Securities and Exchange Commission (SEC) has warned the public not to invest in CashBaka, Hero Mining International Group, and BitBankUps.com...

Economy

D.M. CONSUNJI, Inc.’s (DMCI) order book declined by 8.1% to P45.3 billion for the past three quarters from P49.3 billion in the same period...

You May Also Like

Investing

The minute that any question pops into your head, you can simply ask Google. No longer do we have to pour over books and...

Investing

Having a good Instagram marketing agency to back up your Instagram account is an absolute must going into the new year. With competition stronger...

Investing

Browsing history makes referring to sites and pages you’ve visited in the past seamless. It’ll help you recall what page you checked out on...

Investing

Insomnia is the most common sleep disorder in the global population. Therefore, it is a problem that many people suffer or have suffered throughout...

Disclaimer: SmartRetirementReport.com, its managers, its employees, and assigns (collectively "The Company") do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

Copyright © 2021 SmartRetirementReport. All Rights Reserved.