MACAU'S Central Plaza, comprising a grade A office tower and a shopping arcade, have attracted the interest of international corporations and Hong Kong and Macau companies. Although no lease agreements have been signed between the developer, Tong Heng Development, and potential tenants, more than 50 per cent of the space of the 17-storey tower has been negotiated for, according to Colliers Jardine, agent for the project. Its director of office leasing, David Hui Siu-ching, said potential tenants negotiating for a lease included international insurance companies, merchant banks, US corporations and Hong Kong and Macau businesses. But he said none of the companies had confirmed their interest yet as the practice in Macau was for tenants to enter into contracts when buildings were near completion. 'By March, people will be brave enough to sign up,' he added. It is expected more than 60 per cent of the units will be signed up by then. Total office space for leasing is 118,200 sq ft. Lease rates are between $24 and $28 a square foot a month for units sizes ranging from 1,300 to 14,000 sq ft. Tong Heng has reserved the 16th and 17th floors for its own offices. Below the office tower is an enclosed shopping arcade with three underground levels for car parks capable of accommodating 140 vehicles. Total retail space on the ground to fourth floors is 40,000 sq ft and rents range from $40 to $160 per square foot per month. Potential tenants include fast food giant McDonald's, fashion group Benetton, jewellery shops and designer boutiques. Central Plaza is expected to be completed by May. Mr Hui said the project was due for completion next month but work was delayed. He described Central Plaza as the 'first intelligent building' in Macau which has an advanced communication network using fibre-optics, satellite dishes and cables that will be installed for special functions such as obtaining stock exchange information. 'With the [Macau] airport on schedule for its 1995 completion, it is necessary to bolster the infrastructure and to ensure that Macau can provide international standards of accommodation,' he said. Central Plaza is in the business district, near the city square of Leal Senado, the Post Office and municipal offices. The property will be managed by Colliers Jardine, and Tong Heng will provide building management services in order to ensure standards are kept. FACT FILE DEVELOPMENT: Central Plaza DEVELOPER: Tong Heng Development Co OFFICE UNITS OFFERED FOR LEASE: 70 units, from fifth to 17th floors UNIT SIZE: 1,500 to 14,000 sq ft AVERAGE RENT: $24 to $28 a square foot SHOPS FOR LEASE: 41 units SIZE OF SHOPS: 500 to 1,200 sq ft AVERAGE RENT: $40 to $160 a square foot TOTAL AREA: 40,000 sq ft of retail space and 118,200 sq ft of office space COMPLETION DATE: April or May DATE OF OCCUPATION: scheduled to be early April SOLE LEASE AGENT: Colliers Jardine (Hong Kong) FACILITIES: Advanced telecommunications facilities, car parks, shopping plaza, exhibition space. LEASE TERMS: two years, but negotiable
