Tuesday, 28 August 2007

ESun wins nod for Macau project 麗新嬴取澳門投資項目 (丽新嬴取澳门投资项目)

Media and satellite television operator eSun Holdings has go ahead of the $ 3 billion television city, hotel and residential project in Macau. Executive director Mark Lee Po-on said after the company’s annual general meeting that the firm would consider raising money by enlarging its share capital, seeking bank loans and looking for strategic investors to fund the project - Macau Studio City.

Mr Lee said the project, first floated in 2001, would comprise buildings with a total gross floor area of 3.7 million square feet on a 1.5 million sqft site in Cotai.

Two four to five-star hotels, an all-suite hotel with a gross floor area of about one million sqft, a television studio, concert hall, convention and exhibition centre and retail complex will be built within the area of Macau Studio City while 13 per cent of the site will be reserved for community use.

Mr Lee said the all-suite hotel could be rented out for long-term use and the project would probably cost about $ 3 billion. The land premium is $ 100 per square foot and construction costs are between $ 1,000 to $ 1,200 per square foot.

He said the hotels would include at least one casino covering at least 100,000 sqft.

The Macau government has granted conditional approval for the project years ago and the company subject to make a formal application for the change in land use.

The development would involve at least two phases, the first being due for completion in three years which is now currently under construction.

“Building a casino in a hotel in Macau is like building a swimming pool in a hotel . It’s a must now,” Mr Lee said. He said the firm had not yet decided whether to run the casino or lease out the facility.

Lai Fung Holdings, eSun’s sister company, would take part in the building of the residential project within the complex.