THE Government of Macau has formally given control of land reclaimed for the US$1.4 billion Nam Van Lakes projects to the developers.
The Nam Van Development Company, which is headed by tycoon Stanley Ho Hung-sun, will now be able to seek private developers to build on the new land.
The company has re-claimed almost all of the 130 hectares on peninsula Macau for the ambitious project.
The scheme, which will increase the peninsula's area by 20 per cent, is scheduled to be finished in 1999.
It involves reclaiming Macau's harbour along the Praia Grande to build two artificial lakes, offices, luxury hotels and housing.
The developer said it was expecting considerable interest from property developers in Hong Kong, Macau, China and throughout Southeast Asia.
