Suncity Group Holdings Ltd. has tapped Megawide Construction Corp. to build parts of the main hotel casino for its planned gaming complex in the Bay Area Entertainment City.
The company said unit Suntrust Home Developers Inc. signed last Friday the contract worth P4.02 billion with 25 percent of the amount paid as advance by Suntrust.
“The balance of the contract sum shall be paid by SunTrust to Megawide on a progress basis commensurate with the completion progress (or percentage completion). SunTrust shall within 28 calendar days from the date of issue of the interim certificate effect payment of the amount set out in the interim certificate as may be issued by Megawide on a monthly basis,” it said.
“The contract sum payable by SunTrust was determined after arm’s length negotiation with Megawide with reference to the estimated cost of the construction works, the market price of projects of similar nature, and tender prices of the tenderers. Megawide was considered the most suitable tenderer as they have vast experiences as main contractor for various construction projects,” it added.