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Another tycoon would like to have a piece of this cake.:|

Chinese Estates Holdings (0127), controlled by Joseph Lau Luen-hung, has set aside HK$1.8 billion to build the first phase of its planned Macau housing project.Chinese Estates executive director Lau Ming-wai - the son of Joseph Lau - said Thursday 680 luxury apartments will be completed in the first stage between 2009 and 2010.

The project will be completed in four stages before 2013.

The company has secured a HK$1.6 billion syndicated loan to fund the construction of the phase one. The 3.5-year loan is pitched at 65 basis points over the benchmark Hong Kong interbank offered rate.

The first phase will cost between HK$1,000 and HK$1,500 per square foot to build, Lau said after a signing ceremony for the syndicated loan.

Chinese Estates paid HK$1.4 billion for the Taipa development site, which will yield a total gross floor area of five million sq ft for the entire project.

A spokeswoman confirmed the company also intends to enlarge the project size by increasing the gross floor area, but did not provide details.

“We are applying for an additional floor area, which can be included in the second, third and fourth phases if plans to increase the floor area are approved,” she said.

The company expects the land premium amount for the proposed additional floor area will not be substantial due to lower land costs in the enclave.

It aims to launch uncompleted flats in the first phase for pre-sale this year.

The price will depend on market conditions in Macau, where luxury apartment prices range from HK$3,500 to HK$5,000 psf, Lau said.

The project includes 24 residential buildings and one serviced-apartment block, to be built on an 847,000 sq ft site. It will provide 3,500 units with sizes ranging from 450 to 2,900 sq ft.

Lau said Macau is becoming a world-class gaming and tourist destination.

“Increases in labor and personal incomes have created significant demand in the property sector,” he said. “In particular, the high-end luxury segment is experiencing both pent-up demand and a supply shortage.”

Shares of Chinese Estates fell 0.8 percent Thursday to close at HK$10.78.

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Besides the sketchy legal issues involved with this project - this is an environmental disaster for Macau.

As a regular walker on the lovely trail encompassing the Grand Taipa hill, I have watched in horror as the whole side of the hill has been stripped down.

The Grantai was bad enough in obliterating the views to Cotai, Hengqin, the ocean and surrounds - but this project will certainly block the space, wind and sunshine crucial to the eco-system.

Here's the proposal.
http://www.chicheung.com/eng/eng/propdetails/65/97/951.aspx

While there are many inaccuracies of other projects on this map, you can visualize the recent proposed La Scala project.

http://www.lascalamacau.com/en/images/3dmaplarge.jpg

Finally for those who don't know what has been going on recently....

http://www.macaudailytimes.com.mo/m...-chinese-estates’-luxury-site-“la-scala”.html

If the government does retake the property, I sincerely hope that any proposed development on this site will consider environmental impact and the general well-being for Macau's residents.

Unfortunately there are way too many recent projects that have not taken this direction.
 

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It really is a shame. I don't think things are going to be played that way but I hope the government realizes that overcrowding Macau is a only short-term growth solution and a long term management problem. Sure they are making a huge load of money, but couldn't they just make half? Taipa used to be beautiful, but I guess most of the old Macau is gone.

Now I just hope they don't ruin Coloane.
 
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