Macau | Pearl Horizon buyer association sets out conditions for acceptance of gov't plan

A group of Pearl Horizon pre-sale buyers have presented a letter at the Chief Executive's Office on Wednesday outlining some terms the association would like to see met before agreeing to the government rehousing plan

Macau (MNA) – The head of the Pearl Horizon Condominium Owners United Association, Kou Meng Bo, has presented a letter representing the associations’ terms and conditions in agreeing to the government rehousing plan.

This letter was delivered on October 10, when the public consultation summary report of the Temporary Housing Bill , that will lay out the conditions of the temporary housing to be built in the original site in Areia Preta which was designated for the Pearl Horizon building.

According to a letter shown to Macau News Agency (MNA) yesterday, the association head has said he is willing to accept a rehousing plan which had been outlined by the Macau SAR Government and first announced on May 23, but with some minor differences, now outlined by Kou.

The association is willing to use the rehousing units to be built on Lot P, where the original housing project was set to be built, given the following – each household should be provided with a unit, the price of the units have to be similar to the ones that the buyers were originally promised, the temporary housing project should not be able to be repossessed for at least five years and the layout of the units should be similar to those promised to the buyers.

According to the draft of the Temporary Housing Bill, the size, price and other conditions of the temporary housing will be decided by the Chief Executive Office.

In addition, some 11,642 opinions were submitted with 83 per cent in favour of the law proposal and seven per cent against.

Among the conflicting opinions, some members of the public were concerned that temporary housing would be given to Pearl Horizon buyers as they were viewed as people who might be speculating on property prices.

More than half of the opinions were given by Pearl Horizon buyers.

The action by the association was a turnabout in the long-running Pearl Horizon case, for which property developer Polytex Corporation Ltd., had lost its appeal to keep the land plot for the unbuilt residential complex in the Court of Final Instance on May 23.

Polytex is the local arm of Hong Kong-based developer Polytec Asset Holding Ltd., which owns an 80 per cent interest in Pearl Horizon.

Polytex has proposed to pay the remaining mortgage for Pearl Horizon buyers, releasing a notice in Chinese newspaper Macao Daily detailing an agreement with the Bank of China (Macau) (BOC) to reimburse buyers in July.

Secretary for Administration and Justice, Sonia Chan has previously noted that temporary housing units provided to pre-sale buyers of the Pearl Horizon units will be of a similar size, adding that “among this group of Pearl Horizon pre-sale buyers only individuals can purchase the housing units [of the new project], with each one of them only allowed to buy one unit.”

The Secretary also added that if the flat was bought as a couple the buyers would be entitled to one unit.

However, Mrs. Chan has also said that its will be unlikely that temporary housing will be completely similar to the one originally planned and the building itself will need to be renovated to include other facilities.