SHUN TAK HOLDINGS is actively expanding its property presence in Macau by investing billions of dollars in new projects.
Deputy managing director Daisy Ho said the Macau property market was taking off and had a lot of potential for growth.
'Shun Tak will continue to explore new projects in Macau, particularly mixed-use developments,' she said.
As part of its expansion plans, the group acquired a large tract of land adjacent to the Macau Tower at Nam Van for $1.5 billion last November. It plans a 2.7 million sqft commercial-residential-hotel development.
'This large-scale property development will be the first of its kind in Macau providing a good mix of residential units, offices, hotel and retail space. A casino will also be incorporated,' Ms Ho said.
While the blueprint is being finalised, the investment is expected to cost $5 billion and should be completed in 2009. The development will comprise about 1.2 million sq ft of residential space, 1 million sq ft of offices and shops, and a 500-room hotel.
Ms Ho said the hotel would be connected to the neighbouring convention and exhibition centre and would focus on serving business travellers.