Cecil Chao: no construction permit for Coloane project yet

By
Newsdesk

Hong Kong property tycoon Cecil Chao Sze Tsung said his mixed residential and hotel project located in Seac Pai Van, Coloane is still awaiting a construction permit from the MSAR Government despite his company’s land use term for the plot having only five more years to go.
According to the businessman’s interview with Chinese language newspaper Macao Daily, his Hong Kong-listed company, Cheuk Nang (Holdings) Ltd., has been waiting for the permit to kick off construction for a decade.
Mr. Chao told the newspaper that his company had filed the drawings for the project in 2006 but the government told him then it needed to first handle other public housing projects and the gaming projects due to lack of human resources in the public works departments.
Reckoning the authorities’ evaluation of his project for 10 years as “too long”, the billionaire claimed his company has been co-ordinating with the government for its required documents.
The property tycoon also revealed that he had tried to reach the local government via phone calls and letters but received no reply, indicating the government’s slow process is affecting external investors’ confidence in Macau.
As the company’s land use term for the plot expires in five years, Mr.
Chao told the news outlet that it would be hard for the company to develop a big-scale project if the government continue holding back issuing related construction permits.
Commenting upon the city’s current land law disputes, the Hong Kong developer believes the MSAR Government should not recover non-developed land plots right after its temporary concession expires if the delay in development is due to the government’s delay in evaluating a project.
Cheuk Nang is planning to build the ‘Golden Cotai No.1’ project on the Coloane land plot it purchased in 2005. The complex is expected to comprise five deluxe residential towers and a serviced apartment tower with a total gross floor area of 132,548 square metres in addition to a 100,000 square foot clubhouse, swimming pool and private casino, according to the company’s official website.