Shun Tak to extend Nam Van project
Shun Tak Holdings yesterday submitted the property portion of its $5 billion development plan for the Nam Van district in Macau and agreed to extend by one year the deadline for the $1.5 billion land acquisition.
The extension will give officials time to consider the proposal.
Shun Tak, majority held by the family of casino mogul Stanley Ho Hung-sun, in November 2004 said it would buy a large tract of land adjacent to the Macau Tower for a 2.7 million square foot commercial-residential development which is to include a casino and a hotel by 2009.
The deal, which originally called for construction of about 1.2 million square feet of residential space, one million square feet of offices and shops and a 500-room hotel, has been delayed by uncertainty over the government's 20-year urban development plan which now includes reclamation.
Shun Tak yesterday agreed to pay the seller, an investment holding firm majority held by Mr Ho, a $500 million refundable deposit to effectively lock in the land acquisition price in Macau's booming property market.