LET Group Holdings, the controlling shareholder of Suntrust Resort Holdings, has announced that it has extended the closing date for its Hokkaido land deal. The company had agreed to sell a 220,194-square-metre plot in Aza-Yamada Kutchan-cho, Abuta-gun, Hokkaido for US$27m.
LET Group Holdings is involved in the development of the Westside City project, a Manila hotel and casino resort set to open in 2024. It also oversees Summit Ascent Holdings, a Hong Kong-listed entity that operates the Tigre de Cristal casino resort near Vladivostok, Russia.
The deal had been scheduled to close on or before October 2, but the date for the third instalment has been extended until October 31. The amended agreement stipulates that this extension could increase the sale price to US$27.6m.
The property, initially designated for a development featuring over 50 villas and townhouses and a 40-room hotel, attracted a buyer incorporated in the British Virgin Islands acting as a nominee for the ultimate beneficial owner of the original buyer.
