HK-listed Upbest disposing of Taipa lots

By
Stephanie Lai

Stockbroking and property investment company Upbest Group Ltd. has entered into an agreement with two Macau businessmen to sell them two plots of non-industrial land in Taipa for HK$558.9 million (US$72 million), the company told the Hong Kong Stock Exchange after trading hours on Tuesday.
Both plots of land are located in Cheok Ká Chun in Taipa, of which the larger plot – known as TN11, with a site area of approximately 1,974 square metres – is to be sold for HK$331.2 million, according to the filing; the smaller plot – known as TN15b and occupying about 989 square metres – will be disposed of for HK$227.7 million.
Upon completion of the disposal of the two plots, Upbest said it could increase its net assets by about HK$355 million.
‘The company considers it can reutilise the proceeds towards other appropriate investment opportunities for better return for its shareholders’, Upbest Group noted. ‘Further, the proceeds from the disposal can further strengthen the cash flow of the Group and will allow it to reallocate its resources for future development’.
The plots titled TN located in Cheok Ká Chun are part of Taipa’s northern district, a zone which the Macau Government announced in late 2013 was to be included in a revised urban plan that can supply more public and private flats.
The Land, Public Works and Transport Bureau has earmarked 71 plots in the Taipa northern district, of which 33 are privately owned undeveloped parcels that could provide 5,400 flats. The government also earmarked 12 plots in the area for the public land reserve, with the potential to supply up to 1,000 flats, while the remaining plots will be either developed or zoned for public facilities.
The buyers of the two Taipa non-industrial plots are both Macau citizens and businessmen, and identified as Mr. Choy Wang Kong and Mr. Mike Lam In Wai, as disclosed in Upbest’s latest filing.
Both Mr. Choy and Mr. Lam are known to be shareholders of the new hotel project Hollywood Roosevelt Macau located next to Macau Jockey Club, local media reported on October 23, 2013 following a groundbreaking ceremony of the hotel project.
Macau-based businessman Mr. Lam is also a former consultant and general manager at the Taiwanese legacy carrier TransAsia Airways Corp’s Macau office, Business Daily learnt.