Media and satellite television operator eSun Holdings has received the go-ahead for a $3 billion television city, hotel and residential project in Macau. Executive director Mark Lee Po-on said after the company's annual general meeting that the firm would consider raising money by enlarging its share capital, seeking bank loans and looking for strategic investors. Mr Lee said the project, first floated in 2001, would comprise buildings with a total gross floor area of 3.7 million square feet on a 1.5 million sqft site in Cotai. Two four to five-star hotels, an all-suite hotel with a gross floor area of about one million sqft, a television studio, concert hall, convention and exhibition centre and retail complex will be built, while 13 per cent of the site will be reserved for community use. Mr Lee said the all-suite hotel could be rented out for long-term use. The Macau government has granted conditional approval for the project, subject to the company making a formal application for the change in land use. Mr Lee said the firm would file the application soon and hoped work would begin by the end of the year. The development would involve at least two phases, the first being due for completion in three years, he said. Mr Lee said the project would probably cost about $3 billion. The land premium is $100 per square foot and construction costs are $1,000 to $1,200 per square foot. He said the hotels would include at least one casino covering at least 100,000 sqft. The company has been in talks with potential investors with gaming experience from Southeast Asia and the United States. 'Building a casino in a hotel in Macau is like building a swimming pool [in a hotel]. It's a must now,' Mr Lee said. He said the firm had not decided whether to run the casino or lease out the facility. Lai Fung Holdings, eSun's sister company, would take part in the building of the residential project, he said. Under the original scheme, the development mainly featured a television city, tourist attractions, restaurants, shops and a small portion of residential space. It was later redesigned to include the two hotels and a bigger residential area.
