Suntrust secures US$38 million loan from parent for Manila IR development – IAG
Manila, Philippines – Suntrust Home Developers Inc., a subsidiary of Megaworld Corporation, has successfully secured a US$38 million loan from its parent company for the development of its integrated resort project in Manila. The loan, which was provided by Megaworld International, will be used to fund the construction and completion of the Manila Integrated Resort (IR) development, which is set to become a premier destination for leisure and entertainment in the Philippines.
The Manila IR development is part of Suntrust’s ongoing commitment to providing world-class amenities and attractions for residents and visitors in Manila. The project will feature a state-of-the-art casino, luxury hotels, upscale dining and shopping options, as well as entertainment and recreational facilities. The development is expected to create thousands of jobs and drive economic growth in the region.
“We are thrilled to secure this loan from our parent company, Megaworld International, which will enable us to bring our vision for the Manila IR development to life,” said Megaworld Corporation Chairman Dr. Andrew L. Tan. “This project represents a significant investment in the future of Manila and we are confident that it will become a major destination for tourists and residents alike.”
Construction on the Manila IR development is already well underway and is expected to be completed within the next few years. The project has already generated significant interest from investors and potential tenants, with many expressing excitement about the opportunity to be a part of this groundbreaking development.
In addition to the Manila IR project, Suntrust is also planning to develop several other integrated resort projects across the Philippines in the coming years. These projects are part of the company’s larger strategy to establish itself as a leading developer of high-quality, sustainable developments in the region.
The US$38 million loan from Megaworld International represents a major vote of confidence in Suntrust’s ability to successfully complete the Manila IR development and deliver a world-class destination for visitors and residents in Manila. With construction well underway and strong interest from investors and tenants, the project is on track to become one of the most exciting new developments in the Philippines.
