Ocean Park appoints Lai Sun to build new Ocean Hotel resort
Construction is expected to start later this year and the hotel is targeted for completion in 2017
Ocean Park has appointed Lai Sun Development, headed by Hong Kong Tourism Board chief Peter Lam Kin-ngok, as its partner in the development of its HK$4.1 billion resort hotel, it said in an announcement after the stock market closed yesterday.
Ocean Park said the appointment of Lai Sun followed the Town Planning Board's approval of the hotel design submitted by Ocean Park.
"Demolition work and construction on the site near the park's main entrance will begin in late 2014, targeting for completion of the Ocean Hotel in 2017," it said.
Ocean Park and Capital Court, which is wholly owned by Lai Sun, will work together to complete the lease modification process. At the same time, a traffic impact assessment and plans for traffic arrangements during the construction period would be prepared for the Transport Department before work on the site begins late this year, Ocean Park said.
Ocean Park said in October last year Capital Court had been found to be the "most preferred proponent" for the project after a six-month study of bids that sparked criticism of a potential conflict of interest.