HK developer to get reclaimed land

2013-3-15

From:Macau Business

Hong Kong developer Kerry Properties Ltd is set to get a plot in one of Macau’s five new reclaimed areas in return for giving up part of the land granted for the Galaxy Macau resort.

Although the exchange procedure is still “under discussion”, the firm expects the new site “to be within one of Macau’s new land reclamation projects”, the developer told the Hong Kong Stock Exchange, our sister publication Business Dailyreports today.

In September 2009, the company’s subsidiary here, Kerry Construções (Macau) Ltda, returned an undeveloped parcel covering some 28,900 square metres in Cotai, to the government.

The following month the government pledged to grant the developer another piece of land with a value of at least MOP69.8 million (US$8.7 million), the money Kerry originally paid for the Cotai plot.

Kerry received the Cotai plot in 1996 for the construction of an exhibition and convention centre.

The concession allowed Kerry to build a development of almost 2 million square feet (185,800 square metres) in floor area, the company revealed in a statement.

Copyright@Macau Business