Macau mall plan in doubt as land sold
Plans for a downtown Macau mall are uncertain after a prime block of land was sold by a property developer earlier this month.
According to a regulatory filing in London, Macau Property Opportunities Fund Limited (MPO) has sold the site, slated to host a 68,000sqft development called Senado Square, for a total consideration of HK$800 million (US$102 million).
The land was acquired by MPO in 2007 and a development plan – pictured above – was approved by the Macau SAR Government and scheduled for completion in 2019. It remains uncertain if this development will still proceed or it has been abandoned in favour of another project.
The site, in part of a Unesco heritage zone of Macau’s CBD, has been bought by Ardent Success Limited and City Universe Limited and is expected to be settled this week.
Macau News Agency quoted a representative of Sniper Capital Limited, the fund manager of MPO, saying her company is unaware as to whether the purchaser “has the intention to redevelop the site as a shopping mall”.
Meanwhile, MPO says the sale represents a premium of 541 per cent over the original purchase price of the site for US$15.96 million in October 2007.