Suncity Group Holdings Limited has signed an agreement via local subsidiary Suncity Group Management and Consultancy (Van Don) Limited to provide technical services for the opening of its Vietnamese integrated resort in Quang Ninh Province, which it says will begin operations on 31 March 2019.
In a filing with the Hong Kong Stock Exchange on Friday, Suncity Group said it had entered into the agreement with project owner Van Don Sun Joint Stock Company to provide services in an advisory capacity “in relation to the development, set up and preparation for the opening of the project to the public on the opening date.”
The deal will see Suncity paid US$250,000 within 15 days of signing the agreement and another US$250,000 upon acceptable completion plus a monthly fee of US$41,667.
Suncity, which holds a 34% stake in the Quang Ninh Province IR through its subsidiary Goal Summit Ltd, announced in July that another of its subsidiaries – Suncity Group Management and Consultancy Limited – had agreed to provide management and consultancy services for the project.
A collaboration between Suncity Group, local asset management firm VinaCapital Group and Chow Tai Fook Enterprises Ltd subsidiary Gold Yield Enterprises Ltd, the first phase will include gaming facilities with 140 gaming tables and around 1,000 slot machines as well as a hotel, condos and a golf course.
Suncity previously stated its intention to integrate its hotel consultancy service business in order to provide consultancy, advisory and technical services for large scale resorts and gaming facilities in locations with rapid growth in the tourism industry.
“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,” it said. “The company will continue to expand its business scope in order to maximize returns for its shareholders.”
